The government has outlined more details about its ‘First Homes’ initiative. The Minister of State for Housing Christopher Pincher said that the homes built under the ‘First Homes’ scheme had to adhere to the following conditions.
·
New builds are to be sold at a 30 per cent
discount, which will be kept in perpetuity.
·
The homes are to be ringfenced for first-time
buyers.
·
The market price on the homes is to be kept at
£250,000 outside of Greater London, but rising to £420,000 within.
·
The household income of the first-time buyers
should not exceed £80,000 outside of Greater London, or £90,000 within.
·
The homes can be set aside by local authorities
for key workers and for those with a connection to the local area.
Read more on the Property Wire website.
https://www.propertywire.com/news/uk/government-outlines-first-homes-initiative/
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