First Homes – at up to half price


On 4th June 2021 the Government launched a new affordable housing scheme known as the ‘First Homes Scheme’.

The First Home Scheme entitles first-time buyers who live in a household with a combined income of £80,000 or less (£90,000 in London) to purchase a new-build property with a 30%-50% discount.

The level of discount will depend on circumstances/local authority discretions. Purchasers must have local connections (ie work or live there) and/or have key-worker status as determined by the relevant local authority.

The same level of discount must be passed with all future sales of the property and will be included as a restricted resale provision within the HM Land Registry title register.  For example, a house with a full market value of £100,000 can be purchased with a 30% discount for £70,000. When the property is next sold, if its full market value is £200,000 it must be sold with a 30% discount for £140,000.

There will also be a ‘post-discount value cap’, meaning only properties up to the value of £250,000 (or £420,000 in Greater London) are eligible.

Critics arer warning that this may just be another headline-grabbing Government PR wheeze that will only help a small handful of super-lucky buyers and boost the profits of housing developers whilst inflating prieces for everyone else.

For more information, please refer to


Our next blog – coming soon ……

 Sole or Multiple Agency?



Check out our Rightsurvey blog page for more industry tips and secrets written by property professionals to help put you in control.