First Homes is a new Government scheme designed to help local first-time buyers and key workers onto the property ladder, by offering homes at a discount of 30% compared to the market price. In some areas the discount could be as high as 50%.
The discounts will apply to the homes forever, meaning that when you sell the property you will need to apply the same discount for the new purchaser.
The First Homes scheme is available to first-time buyers and key workers, earning less than £80,000 per year (£90,000 in London) with a deposit of a minimum 5% of the discounted purchase price.
For further information on First Homes, please visit https://www.ownyourhome.gov.uk/scheme/first-homes/
For further information on other affordable home ownership schemes such as shared ownership and help to buy equity loan please visit www.ownyourhome.gov.uk
There are different home ownership schemes available in Wales and Scotland.