Government imposes new housing discount

The Secretary for Housing has recently announced the implementation of a new housing discount scheme which is set to revolutionise the market in Britain, by allowing first-time-buyers the opportunity to purchase a home in their local area through lowering house prices by up to one third.

Going into yet more detail, the means through which the Government aim to achieve this discount to young house buyers is through the First Homes programme, which will be applied to a proportion of new housing which will be constructed over the course of the next few years, while also lowering deposit and mortgage requirements.

The Housing Secretary, Rt Hon Robert Jenrick MP stated: “First Homes will be 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. A proportion of new homes will be made available at a 30 per cent market discount rate – turning the dial on the dream of home ownership.

“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.”

Furthermore, military veterans and key public service workers such as police officers, doctors, nurses, teachers, and firefighters will be granted priority positions for the First Homes scheme.

The Minister for Defence People and Veterans, Johnny Mercer commented: “Homes for heroes will help place former Armed Forces personnel at the front of the queue to buy a discounted home in their local area. I am determined that opportunities for veterans in this country go from strength to strength and supporting them onto the housing ladder is a key part of this.”

The Chief Executive of the Homeowners Alliance, Paula Higgins added: “We know that first-time buyers will welcome the opportunity to buy a good quality home at a discount in their local area.

“We look forward to contributing to the consultation and working with the government to ensure that the scheme does what it says on the tin, more high quality and affordable local homes for current and future first-time buyers.”

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