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Houses are being offered to Bolsover first-time buyers and key workers at heavily discounted prices as part of the first phase roll-out of the Government’s First Homes scheme.
Local first-time buyers will be able to buy property at a discount of at least 30 per cent of its market price. Under the scheme, the same percentage discount will be passed on when the property is sold to future first-time buyers, ‘meaning homes will always be sold below market value – benefitting local communities, key workers, and families for generations to come’.
Further sites are set to launch across the country in the coming weeks. The Government said a further 1,500 will enter the market from the autumn, with at least 10,000 homes a year being delivered in the years ahead and more if there is demand.
The scheme is part of the Government’s wider pledge to build one million new affordable and attractive homes in this Parliament and help put home ownership within reach for people across the country.
Major high-street lenders Halifax and Nationwide Building Society, along with local building societies and community lenders, announced that they will be offering high loan-to-value mortgages against First Homes properties to support the roll-out.
First Homes follows on from the 95 per cent mortgage guarantee scheme which is helping first-time buyers secure a mortgage with a deposit of only 5 per cent.
‘Enabling more people to buy their own homes is at the heart of the mission of this government, and First Homes will offer a realistic and affordable route into home ownership for even more people who want to own their own home’, said Housing Secretary Robert Jenrick.
‘Thanks to First Homes, we will offer more homes to local people and families, providing a route for first-time buyers to stay in their local areas rather than being forced out due to rising prices.
‘First Homes will also support our fantastic key workers who are looking to get their first foot on the housing ladder – from front-line doctors and nurses to delivery drivers and supermarket staff – by giving many of them the chance to buy a home at a 30 per cent discount.
‘These homes will be locked in for perpetuity to first-time buyers and key workers from their local area – making them an asset to both their owners and the wider local community’.