In May 2020 the government concluded a consultation on their proposed New First Homes Scheme or ‘Starter Home Scheme’ which was proposed as a way to assist first-time buyers to purchase a new home at 30% discount to open market value.
The First Home Scheme, aimed at first-time buyers, key workers and veterans looking to buy a new-build home.
The idea behind the Starter Home Scheme, which first appeared during last year’s election, is to help local people to afford property in areas where they would otherwise be priced out of the market. The scheme will be funded by developers in much the same way as affordable homes have previously been provided under S106 planning agreements. The idea though is that key workers, first-time buyers and veterans be prioritised and that whenever the property is sold on the 30% discount on market value will remain, keeping properties in the market at a 30% discount to the open market value.
The purchase of such properties will, it is proposed, be funded using deposits and standard mortgage products, as with other properties.
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