The First Homes scheme is a fantastic Government initiative exclusively designed to make homeownership affordable and accessible to first time buyers.
Therefore, if you have never owned a house before and are looking to finally make it onto the property ladder, this could be the ideal scheme for you to take advantage of, as long as you meet the First Homes eligibility criteria set by local authorities, which may vary depending on the region.
With First Homes, you can buy an Avant home at a discount of 30% of its market value, up to a maximum price of £250,000 (or £420,000 in London) after the discount is applied. The scheme is available on new build homes in selected Avant developments, and is subject to availability, status, as well as national and local eligibility*.
If you are a first-time buyer who meets your local authorities’ criteria, you could be eligible to purchase through the First Homes scheme. The discounts will apply to the home forever, meaning that generations of new buyers will continue to benefit every time the property is sold.
What’s great is that you will have full ownership of your home. It also goes without saying that it will be the same specification, great quality and style as others on the development, and you’ll still be able to choose from our extensive range of options. You’ll simply be paying 30% for it!
Those wanting to apply for the First Homes scheme will need to meet all the below:
First Homes will be subject to a price cap to ensure that they are available to people who may struggle to afford to buy a house at full value. The cap, after the discount has been applied, is £250,000 across England and £420,000 in London.
Local authorities will also be able to set lower price caps to ensure that First Homes are right for the local market. These price caps only apply for the first sale, meaning from Avant to you.
No. The beauty of the First Homes scheme is that you will own the property in its entirety. For those looking to enter Shared Ownership, Avant also offer this scheme on certain houses via Home Reach.
A First Home has a restriction on its future resale in that you can only sell to another qualifying first-time buyer at the same percentage discount. This means you must also sell it for a 30% discount compared to its open market value at the time of sale. This is to ensure the First Home continues to benefit others who, just like you, are keen to get onto the property ladder.
To sell, you must have your First Home valued by a valuer accredited by the Royal Institute of Chartered Surveyors (RICS). The surveyor will assess the current market value of your home before applying the 30% discount you received when you initially purchased. You must also request approval from the local authority and share eligibility criteria with your chosen estate agent.
