First-time buyers can now get up to 50% off new homes under new government scheme

The government has launched a new initiative that could see first-time buyers get up to 50% off new-build properties.

It’s no secret that getting on the property ladder is a virtually impossible task these days – the North West alone has raised the average property price from £164,009 to 170,025, new reports show. 

The current average property price in the region is 3.5% more than the previous all-time high of £167,693.

But now, a new scheme could lend a helping hand to buyers struggling to purchase their first home.

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Launched today, the First Homes scheme will help local first-time buyers – many of whom will be key workers like NHS staff and veterans – onto the property ladder by offering homes at a discount of at least 30% compared to the market price.

This price-cutting can reach up to 40% or 50% though from local authorities if applicants can display a need for this discount level – this could help people save £100,000 or more.

The project launched today in the Bolsover district in the East Midlands, but further sites across the country – the North West included – are set to join in the next few weeks.

The government then plan for a further 1,500 homes to enter the market from autumn, with at least 10,000 homes annually being delivered in the coming years ahead if there is the demand for them.

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Though it is worth noting that there are certain restrictions to who can apply for this scheme – If your household has a combined annual income of more than £80,000, then you are not eligible.

Local councils also have the power to set their own requirements such as what type of people will be prioritised.

Housing Secretary, Rt Hon Robert Jenrick MP, said: “Enabling more people to buy their own homes is at the heart of the mission of this government.

“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% discount.”

You can find out more about the scheme here.