What are First Homes?
The First Homes initiative is part of the Government's plan to help first-time buyers purchase their first home. The scheme went on the market from 4 June 2021 which aims to build 1,500 properties by 2023. The Government aims to have at least 10,000 First Homes beng delivered in the years ahead and more, if there is demand.
First Homes is a new affordable home ownership scheme designed to help first time buyers own their own home in places where they live and work. First Homes will be sold to first time buyers at a minimum discount of 30% compared to the market price.
The discount will apply to the homes forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold.
How does it work?
Buyers will be able to purchase First Homes in the usual way and will have access to conventional mortgage products, but they must have a mortgage of least 50% of the discounted value of the property.
You will apply through a developer who will complete an application form and send this to the Council. We will assess your eligibility and ensure that all documentation has been provided and completed correctly. Once we are satisfied that you meet the requirements, the sale can progress like any other market sale through to exchange and completion. The Council will oversee the sales process to ensure that the property is sold to the right person(s) and the sale is compliant.
When you decide to sell your property, you will need to contact us and follow a similar process. The discount that your received will pass on to your buyer. This is so that the homes remain affordable to future buyers.
More information will be relased by the government as the scheme progresses. If you are interested in this scheme, you can find more information by visiting the Government's Own your Home website.
Who can apply?
Applicants must be:
- 18 years or older
- First-time buyers who meet the eligibility criteria (local connections criteria may apply)
- not have a household income not exceeding £80,000 (or £90,000 in London).
The following must also apply:
- A First Home should be the buyers only home
- Purchasers will need to use a mortgage for at least 50% of the purchase price of the home
Armed forces personnel
Serving members and veterans of the Armed Forces and their spouses / civil partners (in certain circumstances) are exempt from any local connection test.
How much deposit will I need?
You will need to have a minimum deposit 5% of the discounted purchase price
Will I own the property outright?
Yes, while you will be paying for the property at a discounted rate you will retain full ownership of the property.
Are there First Homes in the district?
We currently do not have any First Homes properties being developed in the District.
Keep up to date with all things First Homes
Sign-up to our Keep Me Posted email bulletin service to keep up to date about all things First Homes by selecting 'Affordable Housing' as an interested topic. You'll receive updates on when there are First Home developments in the district and information about how you can apply.
Have you considered Shared Ownership as an option? There are a number of properties for sale in the District. Click here to find out more.