First buyers move into First Homes properties – but how can they be resold?

The government has revealed that the first buyers have got their keys to the government's First Homes properties in Bolsover, Cannock and Newton Aycliffe.

bolsover first homes

NHS workers in Bolsover, Derbyshire, are among the first to get keys to discounted homes through a new scheme that helps local first-time buyers and keyworkers get onto the housing ladder and stay in their local area.

At least 1,500 houses will be built in more than 100 locations across England by March 2023 under the First Homes scheme following successful bidding by housebuilders; it’s a key part of the government’s mission to level up communities across the country by increasing the supply of affordable housing and creating jobs.

Currently in its pilot phase, sites in Bolsover  (pictured), Cannock and Newton Aycliffe are among the first to put homes on the market which are offered at a 30% discount. The government estimates that at least 10,000 First Homes will be delivered across the country each year by 2027/28.

As The Negotiator reported in August when Boris Johnson revealed the First Homes scheme, some commentators believe the government has not thought through how the homes will be resold further down the line.

Help to build

The Department for Levelling Up, Housing and Communities has also published the prospectus for Help to Build, a £150 million scheme announced in April to make self and custom build housing a realistic and affordable option. It outlines how the scheme works, so those thinking about building their own homes but are held back by affordability, can plan their projects and apply when applications are open.

Help to Build offers lower deposit mortgages and an equity loan on the completed home, similar to the Help to Buy scheme. The department believes the self and custom build sector could deliver up to 40,000 new homes a year.

pincher first homesHousing Minister Christopher Pincher (pictured) says: “We are determined to help more people on to the housing ladder and are providing significant funding to regenerate derelict land, deliver new homes and create prosperous local communities across the country.”

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