Families and key workers are set to benefit from First Homes, the new flagship government housing scheme now available in Newton Aycliffe, Durham. First Homes will support local people who are struggling to afford market prices in their area but want to stay in the communities where they live and work.
The Housing Secretary visited the development in Newton Aycliffe on Thursday, the third early delivery project of the scheme following launches in Bolsover, Derbyshire and Cannock, Staffordshire. The scheme offers homes at a discount of at least 30% compared to the market price. That same percentage will then be passed on with the sale of the property to future first-time buyers, meaning homes will always be sold below market value – benefitting local families and key workers like NHS staff and forces veterans, for generations to come.
Housing Secretary RT Hon Robert Jenrick said: “Enabling more people to own their home is central to the mission of this government, and First Homes will offer a realistic and affordable route into home ownership for even more people. It’s fantastic to be in Newton Aycliffe to see the new First Homes become available to local people here in the North-East. By offering the chance to buy a home at a 30% discount, we are giving local people, families and key workers like NHS staff and forces veterans, a route into home ownership where they already live.”
Further sites are set to launch across the country in the coming months. A further 1,500 will join the market through a government-funded pilot launched this year, with up to 60,000 First Homes projected to be built across England and Wales by 2029-30. Delivery of the scheme is part of the Government’s wider pledge to build 300,000 new affordable and attractive homes a year and help put home ownership within reach for people across the country. This is part of the government’s promise to “Build Back Better” and level up opportunity across the UK.
Major high-street lenders Lloyds and Nationwide, along with local building societies and community lenders, announced that they are offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme. This follows on from the 95% mortgage guarantee scheme announced in the spring which helps first-time buyers secure a mortgage with just a 5% deposit.
First-time buyers can find the right home ownership scheme for them, including Help to Buy: Equity Loans, via the Own Your Home website which provides a single gateway for all routes on to the housing ladder.
Image: Housing secretary Robert Jenrick, courtesy UK gov.