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Housebuilders invited to bid for slice of £150m First Homes funding

  • 11/08/2021
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Housebuilders invited to bid for slice of £150m First Homes funding
The Ministry of Housing, Communities and Local Government has opened a £150m funding pot to bids from housebuilders under the First Homes scheme.


The package aims to deliver 1,500 new homes for first-time buyers (FTBs) and key workers by March 2023.

Housebuilders can apply for a share of the £150m by offering plots for sale as First Homes.

The scheme is designed to support FTBs and key workers by offering homes for sale at a discount of at least 30 per cent off market price.

The same per cent discount is passed on with the sale to future FTBs.

These contract awards will start the process of housebuilders engaging with local councils and mortgage lenders and understanding the delivery process before full roll-out through planning.

The scheme launched in June with seven lenders signed up, and Newcastle Building Society added a range of 95 per cent mortgages as part of it in July.

Leeds Building Society has received its first application under the First Homes banner.

Robert Jenrick MP, housing secretary, said: “It’s great to see the First Homes scheme gaining momentum. Lenders have already seen the first mortgage applications come in. Home builders of all sizes will be able to benefit from this scheme while helping FTBs and key workers onto the property ladders.”

Peter Freeman, chair of Homes England, added: “The early delivery programme is a great opportunity for housebuilders, housing associations and the wider development sector to get to grips with First Homes.”

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