First Homes consultation

BSA responds to the MHCLG consultation on design and delivery of the First Homes scheme.

The BSA is supportive of the First Homes scheme aimed at first-time buyers and key workers, offering new-build homes at a discount of 30% or more.

However from a lending point of view there are further technical discussions needed on areas such as valuation, price and income caps, letting allowances and the mechanics of the Mortgagee Protection Clause.

Finally we are concerned that First Homes could crowd out other forms of affordable housing, including shared ownership, and encourage Government to fully assess the potential impact.

Full response