Exceptional
without exception
What is the
first homes scheme?
The First Homes scheme is a government-backed initiative designed to help first-time buyers purchase a home at a discount of at least 30% of its full market value. These homes are usually new-build properties chosen by developers participating in the First Homes scheme and local authorities. The best part of the scheme is that buyers retain full ownership of the property, meaning they do not have to pay any additional rental fees!
A key feature of the scheme is its long-term value. The discount you receive is passed on to future buyers upon selling, ensuring the home remains accessible for future generations of first-time buyers.
For buyers looking for quality, design-led homes with thoughtfully included finishes as standard, this scheme presents a unique opportunity. It enables you to secure a premium property at a lower price, without compromising on quality and space.
The scheme is currently available in England only
The property must be your main residence
Homes are independently valued to ensure the discount reflects the true market value
There are price caps after the discount, typically £250,000 outside London
Who is Eligible for the
first homes scheme?
The scheme is designed to help genuine first-time buyers who are ready to commit to home ownership. To qualify, you must:
- Be aged 18 or over
- Be a first-time buyer
- Be able to secure a mortgage for at least 50 per cent of the purchase price
- Have a household income of no more than £80,000 per year, or £90,000 in London
If you are buying with someone else, all applicants must meet these criteria, and your combined income must fall within the same thresholds. Local authorities typically establish a priority list for these homes, often including:
- Key workers
- Buyers with a connection to the local area
- Households on lower incomes
These local criteria are often time-limited, meaning homes may become available to a wider audience if not sold within an initial period, which is usually 3 months.
How to Apply for the
first homes scheme
The first-time buyer scheme is designed to be clear and supportive through several simple steps, especially when purchasing directly from a reputable developer.
Find a participating development
Search for homes marketed under the First Homes Scheme and register your interest with a developer, such as Woodall Homes.
Speak with the developer
Confirm your intention to purchase through the scheme, and we will guide you through the eligibility checks and next steps.
Submit your application
Your application is prepared with us and submitted to the local council for approval.
Appoint a conveyancer
You will need a licensed solicitor and conveyancer in order to manage the legal process and liaise with all parties.
Secure your mortgage
Once approved, arrange a mortgage that covers at least half of the discounted purchase price.
Receive authority to proceed
The local council will confirm your eligibility and issue approval to move forward.
Exchange contracts and complete
Pay your deposit, exchange contracts, and complete the purchase! On completion, you’ll receive the keys and move into your new home.
First homes scheme
FAQs
Will I own 100% of the property?
Yes, this scheme gives buyers full ownership of the property with no additional rental fees.
Why is the home discounted?
The discount is secured through a government scheme that is designed to support first-time buyers long into the future.
What happens to the discount when I sell?
Upon selling, you must sell to another eligible first-time buyer at the same discount you received after the new, updated market valuation. After 3 months, local restrictions are typically lifted.
If I buy with someone else, do they also have to be a first-time buyer?
Yes, as part of the First Homes scheme, both individuals buying together need to be first-time buyers. This is applicable even if only one individual is obtaining the mortgage.
Can I make changes to the home?
Yes, you can decorate and make changes to your home as you would with any other owned property, as long as it complies with planning permissions and leasehold/freehold rules.
What are the price caps on the First Home scheme?
A First Homes building cannot exceed the value of £250,000, or £420,000 in Greater London, after the discount has been applied.
Do I still have to pay stamp duty?
Yes, but it is calculated based on the discounted purchase price. Many first-time buyers have stamp duty relief up to the value of £300,000.