Posted in September 2020
This latest government scheme has been designed to give a helping hand onto the property ladder to key workers such as fire fighters, police officers, nurses, teachers and first time buyers in their respective local areas. It is scheduled to be piloted in 2021 and will offer a 30% discount on certain new build homes that qualify and this would then be passed on to future buyers.
A spokesman for the Housing Ministry said “We recognise the significant contribution made by key workers during the coronavirus pandemic. The Government’s First Homes scheme will cut the costs of some new homes by a third for first-time buyers, with councils able to prioritise frontline workers.”
Whilst the new First Homes scheme does offer the government backed discount home ownership incentive, whereby the discount remains in perpetuity, only time will tell whether it will have the same outreach as Help to Buy.
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