1,500 homes to be built through gov’t scheme
A total of 1,500 First Homes will be built across more than 100 locations in England by March 2023, following successful bidding by housebuilders, according to the Department for Levelling Up, Housing and Communities.
This follows plans by Eastleigh Borough Council to deliver 200 First Homes in the borough, the single largest project under the scheme to date.
The scheme aims to help the government deliver on its mission to ‘level up’ communities across the country by increasing the supply of affordable housing and creating jobs.
The government has also published the prospectus for Help to Build, a £150m scheme announced in April to make self and custom build housing a realistic and affordable option.
The prospectus outlines how the scheme works, so that those who are thinking about building their own homes but are held back by affordability can plan their projects and apply when applications are open.
The self and custom build sector could deliver up to 40,000 new homes a year, providing opportunity for small building firms and creating jobs.
Housing Minister Christopher Pincher said: “This scheme is putting local people first and creating opportunities for young people and families to feel the sense of pride that comes with homeownership.
“We are determined to help more people on to the housing ladder and are providing significant funding to regenerate derelict land, deliver new homes and create prosperous local communities across the country.”
Stuart Miller, chief customer officer at Newcastle Building Society, added: “We’ve seen significant interest from customers and brokers in our First Homes mortgage products which is not surprising given they offer first time buyers a significant discount on the purchase price of a property, very competitive interest rates and low deposit requirements.
“We understand how big a challenge it is to get a foot on the property ladder with rising house prices and limited housing supply which is why we are such big supporters of this scheme and other innovative solutions such as Deposit Unlock where we were the first lender to offer mortgages under the scheme.
“We fully expect that demand for First Homes properties will exceed supply even as the scheme expands and would therefore encourage more innovation from lenders and further government support to help people achieve their dream of home ownership.”