Families and key workers are set to benefit from First Homes, the new Government housing scheme being made available today in Cannock, Staffordshire
Families and key workers in Cannock, Staffordshire are set to benefit from First Homes, the new Government housing scheme being made available today (2 July 2021).
The scheme will support local people struggling to afford market prices in their area but want to stay in the communities where they live and work.
The Housing Secretary today met with local key workers and families who are benefitting from the scheme which is delivering ten new homes in the area at a discount of at least 30% compared to the market price.
That same percentage will then be passed on with the sale of the property to future first-time buyers, meaning homes will always be sold below market value - benefitting local communities, key workers, and families for generations to come.
Further sites are set to launch across the country in the coming months. A further 1,500 will join the market from the end of the year, with up to 60,000 First Homes projected to be built across England and Wales by 2029-30.
Delivery of the scheme is part of the Government’s wider pledge to build 300,000 new affordable and attractive homes a year and help put homeownership within reach for people across the country. This is part of the Government’s promise to Build Back Better and level-up opportunities across the UK.
Major high-street lenders Lloyds and Nationwide, along with local building societies and community lenders, announced that they will be offering high loan-to-value mortgages against First Homes to support the roll-out of the scheme.
Housing Secretary RT Hon Robert Jenrick MP said:
First Homes follows on from the 95% mortgage guarantee scheme which helps first-time buyers secure a mortgage with just a 5% deposit and coincides with the Government’s ‘Own Your Home’ campaign showcasing the range of flexible home ownership options available.
The campaign highlights the support available to help make homeownership a realistic and affordable option for more people than ever.
Broadcast, digital and radio adverts continue to showcase the range of Government schemes available to aspiring homeowners to help them get their foot on the housing ladder.
First-time buyers can find the right scheme for them via the Own Your Home website which provides a single gateway for all routes to homeownership.
The website is an easy and accessible way for first-time buyers to start their homeownership journey and find the right Government scheme for them.
Cannock Chase Council’s Deputy Leader, Councillor Bryan Jones said:
Chief Executive of Vistry Partnerships, Stephen Teaglesaid:
Councils will also be able to prioritise the homes for key workers such as nurses and teachers who have been looking to get on the housing ladder while supporting their community throughout the pandemic.
Each individual local authority can set a local connection test to determine who should be prioritised for the scheme based on the needs of their communities.
Further Information
Vistry Partnerships are building 116 new homes at Walkmill Lane in Cannock on land formally owned by Homes England. 58 of the homes will be affordable housing working with Bromford Housing Association; all of which will be offered as affordable, social rented and shared ownership dwellings to local families and those in housing need. The remaining 58 homes will be developed and sold through the group’s award-winning Linden Homes brand. The first homes being occupied as the project progresses.
First Homes
Government home ownership schemes