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This reimbursement should be up to the value of the discount, as a percentage of the sale price and net of any additional Stamp Duty liability that may be incurred from the sale by the seller. If the remaining proceeds from the sale of the property are not sufficient to cover the total percentage value of the discount, then all of the remaining proceeds should be transferred to the relevant authority. Further detail on how this should be calculated, including worked examples and further detail on when additional Stamp Duty liability may be incurred, will be published and appended to this Guidance in due course. A Mortgagee Exclusion Clause should be present in all planning obligations which secure the delivery of First Homes, to ensure appropriate protection for lenders and encourage competitive lending rates.
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This means homes will always be sold below market value and local communities will benefit for generations to come. First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers. In addition to capturing the same amount of value towards affordable housing as the existing policy, where onsite affordable housing is required, a policy compliant application will have a minimum of 25% of affordable housing units on-site as First Homes. Homes meeting the above minimum criteria can be sold as First Homes and should be considered to meet the definition of ‘affordable housing’ for planning purposes. A developer should be able to show that the homes they intend to sell as First Homes will meet the above criteria. Gives first time buyers the option to buy a share of their home (between 10% and 75%) and pay rent on the remaining share.
Whilst the national standard price caps will be high for many local areas across England, homes built as First Homes will need to be of appropriate size and price for first-time buyers in any area. The national price caps should not be used as justification for delivering more expensive properties than are necessary or required in any area. In most cases, these planning obligations should be entered into in the usual way prior to the grant of planning permission.
Where can First Home exception sites come forward?
When a mortgage or home purchase plan offer is being considered, the lender will also value the property in the usual way. The sale price of the property should not change unless this valuation is lower than the agreed sale price. In this case, the lender’s valuation should act as a price cap for the sale of the property. JamesEdition can help you find the home that match all the preferences for your dream home. Use filters and narrow your search by price, number of bedrooms, bathrooms, and amenities to find homes that fit your criteria. Is a loan from the government that you put towards the cost of buying a newly built home.
Neighbourhood planning groups can support the provision of all forms of affordable housing for sale, including First Homes, by including relevant policies and identifying suitable sites within neighbourhood plans for these homes. First Homes are the government’s preferred discounted market tenure and should account for at least 25% of all affordable housing units delivered by developers through planning obligations. In addition to this neighbourhood planning groups can also put in place neighbourhood development orders, able to grant planning permission directly for schemes that can incorporate affordable homes for sale, including First Homes. A minimum of 25% of all affordable housing units secured through developer contributions should be First Homes.
Government activity
Overall, the Garden Community programme has the potential deliver over 350,000 new homes by 2050. Each individual local authority can set a local connection test to determine who should be prioritised for the scheme based on the needs’ of their communities. Our commitment is shared across all necessary stakeholders, as underscored by the high level of co-operation between lenders, government, local authorities and developers in helping drive the First Homes scheme forward. These homes will be locked in for perpetuity to first-time buyers and key workers from their local area – making them an asset to both their owners and the wider local community. First Homes will also support our fantastic key workers who are looking to get their first foot on the housing ladder – from front-line doctors and nurses to delivery drivers and supermarket staff – by giving many of them the chance to buy a home at a 30% discount.
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These minimum discounts should apply to the entire local plan area and should not be changed on a site-by-site basis. First Homes exception sites can deliver a small proportion of market housing, provided that it can be demonstrated that this is necessary in order to ensure the overall viability of the site. Local authorities and neighbourhood planning groups can set policies that specify in further detail the proportions of market housing would be considered acceptable, and under what circumstances. For areas that do not meet the criteria for transitional arrangements, new development plans, including local plans and neighbourhood plans, should take account of the new First Homes requirements from 28 June 2021.
The government has published template planning obligations for this purpose, which the local planning authority can use as a basis for agreements prepared locally. The First Homes scheme will help local first-time buyers – many of whom will be key workers like NHS staff and veterans – onto the property ladder by offering homes at a discount of at least 30% compared to the market price. Evidence would typically be in the form of a detailed viability assessment prepared in line with Planning Practice Guidance on Viability in Decision Taking.
First-time buyers can find the right scheme for them via the Own Your Home website which provides a single gateway for all routes to home ownership. The campaign highlights the support available to help make home ownership a realistic and affordable option for more people than ever. 23 December 2021 Amended Paragraphs 003 and 010 to add links to the template planning obligations. There should also be a requirement, within the agreement, that the home is marketed for at least 6 months in total and that all reasonable steps have been taken to sell the property . In circumstances where this restriction needs to be removed, such as an invocation of the Mortgagee Exclusion Clause, the Local Authority will be required to apply to enable the removal of the restriction. C) the home is sold to a person who meets the First Homes eligibility criteria, as set out in the first 2 paragraphs under First Homes eligibility criteria.
Delivery of the scheme is part of the government’s wider pledge to build one million new affordable and attractive homes in this Parliament and help put home ownership within reach for people across the country. A further 1,500 will enter the market from the autumn, with at least 10,000 homes a year being delivered in the years ahead and more if there is demand. The scheme will support local people who struggle to afford market prices in their area, but want to stay in the communities where they live and work. The 25% expected First Homes contribution for any affordable product can make up or contribute to the 10% of the overall number of homes expected to be an affordable home ownership product on major developments as set out in the NPPF. Mandatory social housing relief can apply in respect of dwellings where the first and subsequent sales are for no more than 70% of their market value.
In its template planning obligations, the government has set out an exemplar Mortgagee Exclusion Clause and, in the interest of consistency, it is strongly recommended that local authorities use this example. In order to qualify as a First Home, the initial sale of the home cannot be at a price greater than £250,000 (or £420,000 in Greater London) after the discount has been applied. First Homes will make a proportion of new homes available with a minimum 30% discount on the open market value which will be passed on with the sale of the property to future first-time buyers.
‘Own Your Home’ campaign launched to highlight the support available to get people on to the housing ladder. First Homes properties went on the market today as part of the first phase of an early delivery project in the Bolsover district, East Midlands. A First Homes exception site is an exception site that delivers primarily First Homes as set out in the First Homes Written Ministerial Statement.
Once a minimum of 25% of First Homes has been accounted for, social rent should be delivered in the same percentage as set out in the local plan. The remainder of the affordable housing tenures should be delivered in line with the proportions set out in the local plan policy. Where cash contributions for affordable housing are secured instead of on-site units, a minimum of 25% of these contributions should be used to secure First Homes. This could be achieved, for example, by acquiring additional First Homes from market development, paying the developer a sum to offset the discount from market price, and securing the tenure through section 106 planning obligations.
The definition of a key worker should be determined locally and could be any person who works in any profession that is considered essential for the functioning of a local area. For example, a local policy may require 20% affordable housing on site, half of which is shared ownership, and half of which is social rent. The plan viability assessment should set out assumptions on the amount of value captured – for example, a social rent home may be discounted by 50% from market value, and a shared ownership home may be discounted by 20%. This value can then be reallocated to a different affordable housing mix under the new policy.
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