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First-time buyers could benefit from a 30% discount

First-time buyers could benefit from a 30% discount

Posted on 2/27/2020 12:00:00 AM

Paul Hemingway

Filed under Money

The Government is consulting on a first-time buyer discount scheme to support first-time buyers wanting to own their own home in their local area.

The ‘First Homes’ scheme aims to give local people first refusal on buying a discounted new build home sold through the scheme – so they’re not priced out of the communities where they live and work.

According to the Government the scheme will ‘lower deposit and mortgage requirements – saving first-time buyers around £100,000 on average on the price of a new property.’

Priority will be given to serving and veterans of the Armed Forces and councils will be encouraged to allow front-line workers such as the police to be prioritised too.

The scheme will be funded through contributions that housing developers routinely provide through the planning system. The consultation ends on 3 April 2020.

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