Published: 7th Feb 2020

The government has announced a new scheme to reduce the prices of some properties by up to 30% in order to help first-time buyers to purchase homes in their local areas.   The First Homes scheme will cut the cost of some new houses by a third, by lowering deposit and mortgage requirements. The average price of a new home in England is £314,000, under First Homes, a property will be sold with a 30% reduction, saving on average £94,000. The scheme will apply to a proportion of new homes, the government is yet to consult on how this will be delivered. Veterans will be prioritised as part of the Armed Forces Covenant and councils will also be able to use the scheme to help employees such as police officers, nurses and teachers. The scheme will apply the discount in perpetuity, this means that when the house is sold again … (To read the full article, subscribe below)