Discount scheme for first time buyers extended to 40%
Nationally, the Government’s new First Homes scheme will see a minimum price discount of 30%, for first time buyers eligible properties. But in a move to make homes as affordable as possible at today’s Telford & Wrekin Council cabinet meeting the decision was made to increase the discount on these properties to 40% of their market value.
This aims to make first time buying for new build homes more affordable to residents and key workers in the borough. The Council is also ensuring that properties go to local people by setting a number of local connection criteria.
The council already have an excellent record of delivering affordable housing in the borough with around a third of all homes available for affordable rent, social rent or shared ownership.
Government will now require Local authorities to set aside a quarter of the affordable homes that they would secure though planning obligations and make these available as First Homes. This is anticipated to lead to a fall in the number of more affordable shared ownership homes coming forward as they are displaced by First Homes.
Councillor Richard Overton, Cabinet Member for Enforcement, Community Safety and Customer Services commented: “We understand the challenges involved when it comes to buying your first home with one of the biggest obstacles being saving for the initial deposit. By increasing the First Homes scheme discount to 40% here in the borough we are making our housing as affordable as possible for residents most in need. This includes single income households and key workers including police, teachers, and nurses to ensure they have a fair chance at buying their own home.”