New homes will be 30% cheaper for local first-time buyers under new Government scheme


NEW homes will be almost a third cheaper for local first-time buyers under a scheme unveiled by ministers.

Housing Secretary Robert Jenricks First Homes plan will take landowners profits to pay for a discount of 30 per cent.

Under the new ‘First Homes’ scheme local first time buyers and key workers will be able to purchase property at a 30% discount

The move, aimed at the lower paid who are battling to save to buy a home, will lop an average of 100,000 off the asking price of a typical home.

And the discount will be locked in to the propertys price to ensure it is sold on at well below the usual asking price, to help the first-time buyers of the future.

As well as locals, forces veterans will be prioritised for the house purchases along with front-line workers such as cops, nurses, prison officers and teachers.

The plan, a Tory manifesto promise, is the first in a major drive by Boris Johnsons government to get more young people on the property ladder and solve Britains chronic housing crisis.

Dubbing the plan genuinely life-changing, Mr Jenrick said: 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, turning the dial on the dream of home ownership.

Campaigners warned the new homes must not come at the expense of losing new social housing.

Polly Neate, boss of Shelter, said: The country desperately needs more low-cost homes which are genuinely affordable to those people struggling at the sharp end of the housing crisis.

But, instead of offering a route to building additional low cost homes, this policy simply puts at risk the social homes currently being built.