Housing secretary Robert Jenrick has announced plans to cut costs of a proportion of new homes by a third for first-time buyers.
According to NAEA Propertymark, ‘First Homes’ will see a discount locked into the property to ensure more first-time buyers “benefit in years to come”.
The scheme will also give people the opportunity to buy a home in their local area and will lower deposit and mortgage requirements for local first-time buyers in England – with the discount prioritised for “veterans and key workers such as nurses, police officers, and firefighters”.
The discount will be passed on with the sale of the property to future first-time buyers.
Jenrick said: “First Homes will be genuinely life-changing for people all over the country looking to buy their first home. I know that many who are seeking to buy their own home in their local areas have been forced out due to rising prices.
“A proportion of new homes will be made available at a 30% market discount rate – turning the dial on the dream of home ownership.”