Helping hand for first-time buyers

BASINGSTOKE and Deane residents looking to get on to the housing ladder will be given a helping hand as part of a new affordable housing scheme launching next year.

First Homes is a Government scheme designed to support first-time buyers to buy a new property, which is discounted by at least 30 per cent of open market value, up to £250,000.

New residential developments providing affordable housing will be required to provide 25 per cent of affordable housing as First Homes, with councils able to introduce a local connection test which prioritises first-time buyers locally.

At a meeting on Tuesday, councillors on the borough council’s cabinet agreed an interim eligibility criteria for the scheme, which gives priority to local residents, until a new policy is introduced as part of the borough’s Local Plan update.

Under the criteria, residents must have a local connection – such as living in the borough for the last 12 months or three out of the previous five years – have been permanently employed in the borough for the last six months, have a close family link within the borough with a requirement to move to the area to provide care and/or support or be a key worker.

Residents must also be a first-time buyer, have a mortgage to fund at least 50 per cent of the discounted purchase price, and must have a household income of under £80,000 per year.

The local connection criteria will apply for the first three months of a First Home property being marketed.

Cabinet member for communities, planning and infrastructure Simon Bound said: “Home ownership is a dream and an aspiration for many people across our borough who want to stay in the area where they grew up.

“The First Homes scheme is an exciting new tool as part of the wider package of low-cost home ownership options to help turn their dreams into reality.

“We want to ensure that our residents have the best possible opportunities to be able to buy their own home in the borough.”

For more information about First Homes, visit www. ownyourhome.gov.uk