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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.
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.
Listings by FirstKey Homes & Prior Sales
The first ‘First Homes’ will be marketed over the summer of 2021, and the government will be funding a further 1,500 homes to come to the market from the end of 2021. Councils are also being supported to release their brownfield land for housing through the £75 million Brownfield Land Release Fund of which up to £25 million will support self and custom build projects. The LRF funding will release council-owned land for more than 2,600 homes over the next two years by helping to regenerate mainly brownfield land across the country which is often unused and derelict. Broadcast, digital and radio adverts are showcasing the range of government schemes available to aspiring home-owners to help them get their foot on the housing ladder. The first 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, with the Housing Secretary in attendance.
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.
Office location of FirstKey Homes
However, the First Homes Written Ministerial Statement does give local authorities and neighbourhood planning groups the discretion to require a higher minimum discount of either 40% or 50% if they can demonstrate a need for this. As part of their plan-making process, local planning authorities should undertake a housing need assessment to take into account the need for a range of housing types and tenures, including various affordable housing tenures . Specific demographic data is available on open data communities which can be used to inform this process. The assessment will enable an evidence-based planning judgement to be made about the need for a higher minimum discount level in the area, and how it can meet the needs of different demographic and social groups. For example, a development of 80 homes in a local authority with a policy for 30% affordable housing would be expected to provide 24 affordable homes to comply with local plan policy.
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Can the Community Infrastructure Levy be collected on First Homes development?
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.
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.
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.
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.
Sites where local and neighbourhood plans are adopted/made under the transitional arrangements, as detailed in paragraphs 18 and 19. These transitional arrangements will also apply to permissions and applications for entry-level exception sites. This should include setting out the levels and types of affordable housing provision required. Subject to the transitional arrangements set out in paragraph 018, this should include policies for First Homes. Local price caps should not be set arbitrarily and should only be used if evidence demonstrates a need for intermediate housing at particular price points.
Funding will help unlock land to help deliver more new homes and vibrant communities for people to live and work in. Keepmoat Homes is one of the UK’s leading home-builders for first time buyers so it is great to be part of this initiative which will help even more people realise their dream of owning their own home. This is a true example of how working in partnership helps to support local people and communities. Thanks to First Homes, we will offer more homes to local people and families, providing a route for first-time buyers to stay in their local areas rather than being forced out due to rising prices. First Homes follows on from the 95% mortgage guarantee scheme which helps first-time buyers secure a mortgage with just a 5% deposit and the government’s ‘Own Your Home’ campaign showcasing the range of flexible home ownership options available. Planning Inspectors should consider through the examination whether a requirement for an early update of the local plan might be appropriate.
If you’re eligible for an equity loan, you can borrow up to 20% (40% if you’re in London) of the market value of a new home. First Homes exception sites can come forward on unallocated land outside of a development plan. They cannot come forward in areas designated as Green Belt, within the Broads Authority, or in designated rural areas as defined in Annex 2 of the National Planning Policy Framework. Where a mixture of cash contributions towards affordable housing and on-site units are secured, 25% of the overall value of affordable housing contributions should be applied to First Homes. Local connections may include current residency, employment requirements, family connections or special circumstances, such as caring responsibilities.
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