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Flagship First Homes scheme launches

Friday 04 June 2021

Housing Minister, Robert Jenrick MP, announced today, 4 June 2021, a new First Homes scheme of discounted houses for local people and key workers in England with the first properties going onto the market in Bolsover, East Midlands, as part of the first phase of an early delivery project.

Additional sites are set to launch across the country in the coming weeks with a further 1,500 houses entering the market from the Autumn, and at least 10,000 homes a year being delivered in the years ahead, and more if there is demand.

Major high-street lenders Halifax and Nationwide Building Society, along with local building societies and community lenders, announced that they will be offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme.

Criteria

The First Homes Scheme will help local first-time buyers onto the property ladder by offering homes at a discount of at least 30 per cent. 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 communities, key workers, and families for future generations.

First Homes follows on from the 95 per cent mortgage guarantee scheme which helps first-time buyers secure a mortgage with just a 5 per cent deposit and the UK Government’s Own Your Home campaign showcasing the range of flexible home ownership options available.

View more on the criteria in Propertymark’s news article announcing the Scheme.

Keep the market moving

Delivery of the scheme is part of the UK Government’s wider pledge to build one million new affordable and attractive homes in this Parliament and help put homeownership within reach for people across the country. The First Home campaign is new and a shift in UK Government’s thinking designed to enable people to move away from renting and to keep the housing market going.

Propertymark member agents are well place to help buyers on their journey, and with currently a busy market, buyers should utilise the professionalism of our members to secure the right property.

Accessing the scheme 

First-time buyers can find the right scheme for them via the easily accessible Own Your Home website which provides a single gateway for all routes to homeownership to help first-time buyers start their homeownership journey and find the right Government scheme for them.

View UK Government announcement

Quote mark

Propertymark is pleased to see a further focus on homeownership with the news of the first properties to be made available under the First Homes scheme, together with the flexible home ownership options through the launch of the Own Your Home initiative. It is good to see these creative initiatives at this crucial time, one where our members are actively dealing with a very busy market right now, full of hungry buyers. In welcoming this move we also reiterate our concern that introducing more buyers without increasing supply could further push the supply and demand out of balance, further fuelling the spiral in house prices.

Mark Hayward

Mark Hayward
Propertymark Chief Policy Advisor

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Looking for the Propertymark Protected logo will give consumers the peace of mind that these agencies are regulated by Propertymark, limiting any uncertainties consumers may have when purchasing their first home. Members are required to meet certain obligations, including having professional indemnity insurance, belonging to an independent redress scheme, complying with money laundering regulations, and following The Property Ombudsman’s Codes of Practice.

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