High Peak MP hails new scheme for first-time buyers as 'life-changing'

Robert Largan MP says the new scheme will be 'life-changing' for first-time buyers.

Known as First Homes, the scheme will see a discount locked into the property to ensure more first-time buyers benefit in years to come.

Local people unable to afford a home will be able to buy in their area, rather than be forced to look elsewhere by rising prices.

The scheme will lower deposit and mortgage requirements for local first-time buyers in England – shaking up the housing market and making the dream of home ownership a reality.

The discount will apply to a proportion of new homes, with the Government consulting on how this will be delivered.

To ensure the scheme helps those who would benefit the most, the government is consulting on a price cap on properties available through the scheme, as it has done for stamp duty cuts and the new help to buy equity loan scheme.

The discount will be paid for through the contributions that housing developers routinely provide through the planning system, which means that the scheme will not result in extra building costs.

Mr Largan said: “Hardworking people deserve the opportunity to own their own home, but too many first-time buyers here in the High Peak area have been forced out of buying due to rising prices.

“This is why I really welcome this sheme, it will be life changing for people across High Peak who are looking to buy their first home.

“The scheme will make a huge difference, we will be cutting the cost of qualifying new homes by a third - lowering the deposit and mortgage requirements for local first-time buyers in England.

“Under this new scheme, eligible first-time buyers will save on average around £100,000.

“I am also pleased that veterans will be prioritised as part of armed forces covenant and councils will also be able to use the scheme for front-line workers in their area such as police, nurses, prison officers and teachers.

“We want to ensure that hard work is the only hurdle to buying a first home and to see more and more first-time buyers and their family’s setting down roots in their local communities.”