Government launches First Homes consultation

Housing secretary Robert Jenrick has today announced a consultation on the new First Homes initiative which will see a discount locked into the price of a property to try to allow more first time buyers onto the ladder. The scheme will give people the opportunity to buy a home in their local area – saving eligible first time buyers on average around £100,000.

It will lower deposit and mortgage requirements for local first time buyers in England - the discount will apply to a proportion of new homes, with the government consulting on how this will be delivered.

Veterans will be prioritised as part of Armed Forces Covenant and councils will also be able to use the scheme for front-line workers in their area such as police, nurses, prison officers and teachers.

Jenrick said: “First Homes will be genuinely life-changing for people all over the country looking to buy their first home.

“I know that many who are seeking to buy their own home in their local areas have been forced out due to rising prices. A proportion of new homes will be made available at a 30% market discount rate – turning the dial on the …