What is the First Homes Initiative?
This is a Government proposed scheme that is currently under development with an aim of helping first time home buyers onto the housing ladder.
- First Homes will be flats or houses built on developments that will be sold with a discount of at least 30%
- They will be sold to local people who want to stay in the community where they live and work but are struggling to purchase a home at market prices
- They will be prioritised for first time buyers, serving members and veterans of the Armed Forces and key workers such as nurses, police and teachers
- The discount would be passed on to future buyers when First Homes are resold so more people can be helped onto the ladder.
For more information download this Government guidance- A Guide to First Homes
What is happening with CIL for the First Homes Initiative?
However, Wealden is aware that the consultation process on the First Homes initiative closed on the 1st October 2020 and Draft Regulations related to CIL have been laid before Parliament. The Government intends that these regulations come into force on the 16 November 2020 and the Council will be ready to deliver them.
The regulations indicate that First Homes Initiative properties will be included within the Social Housing category and will benefit from CIL Social Housing Exemption Relief.
It is important to note that these regulations are not yet live so developers will not be able to benefit from them and they may change in the course of their passage through parliament.
We will update you when there are more details and guidelines.