Gedling Borough Council plans to make it easier for people in the borough to afford their first home by lowering the threshold and increasing discounts on the Government’s First Homes scheme. First Homes is a Whitehall-backed scheme to offer affordable housing to first-time buyers at a reduced rate.
Discounts of at least 30 per cent on market value are offered to prospective buyers permitting their joint household income is no more than £80,000. Homes must also be sold for no more than £250,000 once the discount has been applied.
National planning policies require that First Homes should account for at least 25 per cent of all affordable homes built on new developments, or 10 per cent of the total housing, depending on whichever is greater. But now Gedling Borough Council has approved plans to take this further by writing new policies to offer greater discounts for first-time buyers.
