First Homes

First Homes is a fantastic new Government scheme, exclusive to first-time buyers, that has been designed to make home ownership affordable and accessible.

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What is First Homes?

With First Homes, you can buy an Avant home at a discount of 30% of the 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 selected Avant developments, is only available on new build homes, and is subject to availability, status, national and local eligibility and terms and conditions*.

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 and the local community will continue to benefit every time the property is sold.

You will have full ownership of your home, it will be the same specification, great quality and style as others on the development, and you’ll be able to choose from our extensive range of options, you’ll just pay 30% less to buy it!

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Eligibility criteria

  • First Homes is available to first time buyers only, so if the home is being purchased by more than one person, all must be first time buyers.
  • To be eligible, your household income must not be more than £80,000 per year (£90,000 when purchasing a First Homes house in London).
  • You will need to meet local eligibility criteria (if any) set by the local authority, such as having a local connection or being a key worker, or (on future sales) a lower household income level. Local connection and key worker status is as determined by the local authority.
  • The First Homes scheme was created to help people who would otherwise find it difficult to get onto the property ladder. Due to this, buyers must get a mortgage that covers at least 50% of the cost of the First Home, after the discount has been applied.
  • You will need a deposit of at least 5% of the discounted purchase price.
  • A property purchased using First Homes should be your only home.

FAQs

What are the price caps on a First Home?

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 be able to set lower price caps to ensure that First Homes are right for the local market. These price caps apply for the first sale from Avant to you only.

Will I only own part of my First Home?

You will own all the home.

How do I sell on my First Home in the future?

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 and will then apply the 30% discount you received when you initially purchased. To sell, you must also request approval from the local authority and share eligibility criteria with your chosen estate agent.

Terms and conditions

Available on selected developments only. To find out more about First Homes, simply speak to your Sales Advisor.

Read more about First Homes on the Government’s website here and see full terms and conditions here.

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