First Homes scheme: What is it?

How can the First Homes discount help me buy a home?

What is the First Homes discount scheme?

The First Homes discount scheme is a government-backed initiative aimed at helping first time buyers in England purchase a home in their local area for less than the market price. These discounted properties are available to local residents and key workers, ensuring that people who already live in the area benefit from the scheme.

Through the First Homes discount scheme, eligible buyers can secure a home with a discount of at least 30% to 50% of the property’s market value.

Learn more about the eligibility criteria here.

How does the First Homes discount scheme work?

The government’s First Homes scheme is offered on newly built homes from developers and pre-owned properties through estate agents previously bought through the scheme. The specific types of properties available under the First Homes scheme can vary, including houses and apartments in different locations across the country.

Each home being sold through First Homes discount is valued by an independent surveyor to make sure the reduction is based on actual market value, and these homes cannot cost more than £250,000 – or £420,000 in London – after the discount has been applied.

To qualify, buyers must meet specific criteria, including income and residency requirements. Once purchased, First Homes properties can only be sold at the same discount percentage, maintaining affordability for future buyers. This scheme aims to address the housing affordability crisis and support those trying to get onto the property ladder, providing a more accessible route to homeownership.

How can I find a First Homes discount home?

Ready to begin your search for First Homes scheme properties? Use our property portal to explore available listings in your area. You can also learn more about this housing product, including eligibility criteria and affordability, right here on Share to Buy.