First Time Buyer Scheme Now Open
House builders across England can now bid for their share of a £150 million package by offering plots for sale as ‘First Homes’, the flagship UK Government scheme aimed at first-time buyers and key workers.
The scheme, which opened on 11 August, will see home builders being invited to work with the Government to deliver First Homes across England over the coming months, with the principal aim of delivering 1,500 homes by March 2023.
The First Homes scheme was created to help local first-time buyers and key workers onto the property ladder, offering homes at a discount of at least 30% compared to the market price. The same percentage will then be passed on with the sale of the property to future first-time buyers. This means homes will always be sold below market value, benefiting local communities for generations to come.
The contract award will give house builders the opportunity to engage with local councils and mortgage providers, understand the expected level of customer demand, and learn more about the delivery process ahead of the full roll-out through planning.
The package follows on from the initial introduction of First Homes earlier in the summer, where local sites were opened at Bolsover, East Midlands (developed by Keepmoat Homes) and Cannock, West Midlands (developed by Vistry Partnership).
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.”
More information for house builders on the Invitation To Tender (ITT) is available on Procontract.
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