Housing Minister Defends First Homes Scheme Price Caps And Outlines Developer Support

The government has defended its two-tier price cap system for its First Homes scheme and confirmed that it would not provide additional financial support to property developers to support the scheme. The minister of state for housing Christopher Pincher said that it was important that price caps provided “clarity and consistency” to support consumers, developers, and mortgage lenders, which its current system did. He said its current price cap system, which states after the discount properties should be priced at no higher that £250,000 or £420,000 in Greater London, would ensure that at least 25 per cent of properties purchased by first-time buyers in England and Greater London would be included. Read more on the Mortgage Solutions website.

https://www.mortgagesolutions.co.uk/news/2021/07/15/housing-minister-defends-first-homes-scheme-price-caps-and-outlines-developer-support/