{"id":38453,"date":"2021-06-15T12:03:09","date_gmt":"2021-06-15T11:03:09","guid":{"rendered":"https:\/\/www.ratedpeople.com\/blog\/?p=38453"},"modified":"2021-06-15T12:03:13","modified_gmt":"2021-06-15T11:03:13","slug":"half-price-new-homes-available-through-new-first-homes-scheme","status":"publish","type":"post","link":"https:\/\/www.ratedpeople.com\/blog\/half-price-new-homes-available-through-new-first-homes-scheme","title":{"rendered":"Half-price new homes available through new First Homes Scheme"},"content":{"rendered":"\n
\n\n\n\nThe government\u2019s First Homes scheme is offering first-time buyers up to 50% off new build houses, as a cheaper way onto the property ladder.<\/strong>\n\n\n\n
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First-time buyers in England could now find it easier to get onto the property ladder, through the government\u2019s new First Homes scheme<\/a><\/strong>. The first group of homes available through the scheme went on the market near Bolsover, East Midlands, on 4th<\/sup> June 2021, with thousands more set to be delivered around England in the upcoming years.<\/p>\n\n\n\n

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How much money can first-time buyers save through the First Homes scheme?<\/strong><\/h2>\n\n\n\n
\"Approved<\/figure>\n\n\n\n

Homes are discounted by at least 30% compared to the market value. A discount will also apply when the home’s being sold in the future. Every First Home will have a restriction registered on its title at HM Land Registry, to make sure the discount (determined by current market value) can be applied every time the title is transferred. Therefore, the First Homes scheme will benefit local first-time buyers for years to come.<\/p>\n\n\n\n

The government is allowing local authorities and neighbourhood planning groups to offer a higher minimum discount of 40% or 50%, if they can show a need for it.<\/p>\n\n\n\n

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How many First Homes will be available?<\/strong><\/h2>\n\n\n\n

1,500 more homes will be available around England from the end of 2021. Following that, a minimum of 10,000 homes will be delivered each year. If demand exceeds this, the government says that they will provide even more homes through the scheme.<\/p>\n\n\n\n

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Who\u2019s eligible for the scheme?<\/strong><\/h2>\n\n\n\n
\"Couple<\/figure>\n\n\n\n

General eligibility criteria<\/h4>\n\n\n\n

People in England that are buying a home for the first time can use the First Homes scheme.<\/p>\n\n\n\n

Your annual household income must be \u00a380,000 or below (\u00a390,000 or below in Greater London) in the tax year before the year you\u2019re buying the property in. This applies whether you\u2019re buying alone or with someone else. Local authorities can set a lower income cap.<\/p>\n\n\n\n

You’ll need a deposit of at least 5% of the discounted purchase price.<\/p>\n\n\n\n

Properties on the scheme must be priced at \u00a3250,000 or lower after the discount has been applied (or \u00a3420,000 maximum in Greater London). Your mortgage or home purchase plan must fund at least 50% of the discounted purchase price.<\/p>\n\n\n\n

Local eligibility criteria<\/h4>\n\n\n\n

Local authorities or neighbourhood planning groups will be able to prioritise local people and key workers for First Homes properties. This could be based on:<\/p>\n\n\n\n