Flagship first-time buyers scheme now open for bids

Home builders across England are being invited to bid for their share of a £150 million package by offering plots for sale as First Homes.

With an aim of delivering 1,500 homes by March 2023, First Homes helps local first-time buyers and key workers onto the property ladder by offering homes at a discount of at least 30 per cent compared to the market price.

The same percentage will then be passed on with the sale of the property to future first-time buyers, meaning that homes will always be sold below market value - benefitting local communities and families for generations to come.

The contract award will give housebuilders the opportunity to engage with local councils and mortgage providers, understand the expected level of customer demand and to learn more about the delivery process ahead of the full roll out through planning.

The package follows the initial introduction of First Homes earlier this summer, where local sites were opened up in Bolsover, East Midlands, developed by Keepmoat Homes, and Cannock, West Midlands, developed by Vistry Partnerships.

Housing Secretary Robert Jenrick said: “It is great to see the First Homes scheme gaining momentum and I am happy to invite house builders to deliver this flagship house building programme across the country. Lenders have already seen the first mortgage applications come in as more homes come onto the market. It will support local communities and give local people a greater chance of getting on the housing ladder and having a place which they can call their own. Just as importantly, homebuilders of all shapes and sizes will now be able to benefit from this scheme while helping first-time buyers and key workers onto the property ladder.”