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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