Controversial ‘locals first’ scheme unveiled with 50% discounts

New First Homes scheme housing development launched in Leicestershire built by Crest Nicholson.

A new development under the new First Homes scheme has been unveiled by Crest Nicholson in the market town of Ashby-de-la-Zouch in Leicestershire.

The scheme, which was launched by Boris Johnson, enables first time buyers and key workers to purchase new-build properties in England at a 30% discount to the market value with just a 5% deposit, and is the government’s answer to the challenges faced by many young people getting on the property ladder who want to stay in their home town or area, or keyworkers live near to their job.

To be eligible for the scheme, the property must be a new-build and applicants must be first-time buyers with a household income of no more than £80,000.

Applicants must also be able to access a mortgage of at least 50% of the market price of the property. Local councils may set additional eligibility requirements.

Crest Nicholson is working with the scheme at its Potter’s Grange development in Ashby, which features a collection of three-, four- and five-bedroom homes.

Three-bed homes from £193,900

Prices at Potter’s Grange (pictured above) using the First Homes scheme start from £193,900 for a three-bedroom home.

Vanessa MacNee, Sales and Marketing Director at Crest Nicholson Midlands, commented: “We’re proud to be providing support for first-time buyers at Potter’s Grange through the government’s First Homes scheme.

“With the end of the government-backed Help to Buy scheme, the First Homes scheme is a great alternative which supports first-time buyers. It now sits alongside Deposit Unlock, which offers mortgages with just a 5% deposit, and Home Reach, which provides part-buy, part-rent options, as schemes available at the development.

“This is a great opportunity to join a well-established, bustling, and diverse community of homeowners, including young professionals and families.

“The scheme is proving very popular, with many completions already taking place.”

Read more: Ministers have not thought through First Homes scheme.

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