Section: Home Ownership

Government to cut the cost of new homes by a third

Posted 10.02.20
GOV.UK: Further reading

Housing Secretary Robert Jenrick has announced plans to cut costs of a proportion of new homes by a third for first-time buyers.

Under the proposed 'First Homes Scheme', aspiring homeowners will be able to take their first step on to the housing ladder, aided by cuts in the cost of a new house by up to 30%.

The scheme will see a discount locked into a property to ensure more first-time buyers benefit in years to come.

The scheme will lower deposit and mortgage requirements for local first-time buyers in England. The discount will apply to a proportion of new homes, with the government consulting on how this will be delivered.

Veterans will be prioritised as part of Armed Forces Covenant and councils will also be able to use the scheme for front-line workers in their area - such as police, nurses, prison officers and teachers.

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Reporting on February 2020

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