The government is undertaking a consultation on its proposed ‘First Homes’ policy. The policy aims to provide purpose built homes for purchase by local first time buyers at discounted prices.
It is proposed that a First Home would be sold to local first time buyers at a minimum discount of 30%. The property would be discounted in perpetuity, so the same discount would apply when the property is later resold.
The consultation document proposes two possible mechanisms for how First Homes could be provided through the planning system, those being;
- By requiring that a proportion of the affordable homes provided on development sites be for First Homes, with thresholds of 40%, 60% or 80% suggested, or alternatively
- By setting a fixed quota for First Homes on all qualifying sites of ten homes or more.
The consultation seeks opinions on a number of questions on how the policy would work and be implemented in practice. The consultation document can be viewed at: https://www.gov.uk/government/consultations/first-homes, and the consultation runs until the 3rd of April 2020.
If you have any questions with the proposed consultation or would like assistance with commenting please do not hesitate to contact us.
