Developer Keepmoat Homes has engaged top 100 UK law firm, Ward Hadaway, to advise on two of the first key developments as part of the government’s First Homes scheme.
Two developments were selected by Homes England to trial the scheme at Keepmoat sites in County Durham and Shirebrook, Midlands.
Sophie Bohill, a partner in Ward Hadaway’s Built Environment team, said: “We are delighted to be working with Keepmoat Homes in their partnership with Homes England and local authorities to deliver this brand new tenure of social housing to the property market”.
Homes will be offered for sale at a discount of at least 30 per cent on a new build property against the local market value. It is hoped many local first-time buyers will be helped onto the property ladder using the scheme.
The discount can be passed on with the sale of the property to future first-time buyers, ensuring homes will always be sold below market value, which will benefit the local community in the long-term.
Bohill commented: “Delivery of the scheme is part of the Government’s wider pledge to build new affordable and attractive homes and support local people who wish to stay in the communities where they live and work.
“The ambition of the scheme is to help first time buyers access the property ladder. First Homes are the government's preferred approach to discounted market tenure and are expected to represent at least 25 per cent of all new affordable housing delivered by developers through planning obligations.
“Following Keepmoat's commitment to the pilot scheme, we’re looking forward to supporting our client as they market and sell these homes to first time buyers.”
Tim Wray, group development director at Keepmoat Homes, said they were “delighted” to be working with Ward Hadaway.
He added: “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.”...