Housing secretary, Robert Jenrick, has announced the government’s plan to cut the cost of some new homes for first-time buyers by a third.
The average price of a new home in England is £314,000 and the first home First Homes scheme would help take 30% off this price—about a £94,000 savings.
The scheme will work by will lowering the initial deposit and mortgage costs and will prioritise veterans and front-line workers such as police officers, teachers and nurses.
House secretary, Robert 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. The discount will be passed on with the sale of the property to future first-time buyers, helping thousands more people in years to come and ensuring local communities can stick together.”
Source: Residential - propertyweek.com