First Homes is a fantastic new Government scheme, exclusive to first-time buyers, that has been designed to make home ownership affordable and accessible.
With First Homes, you can buy an Avant home at a discount of 30% of the market value, up to a maximum price of £250,000 (or £420,000 in London) after the discount is applied. The scheme is available on selected Avant developments, is only available on new build homes, and is subject to availability, status, national and local eligibility and terms and conditions*.
If you are a first-time buyer who meets your local authorities’ criteria, you could be eligible to purchase through the First Homes scheme. The discounts will apply to the home forever, meaning that generations of new buyers and the local community will continue to benefit every time the property is sold.
You will have full ownership of your home, it will be the same specification, great quality and style as others on the development, and you’ll be able to choose from our extensive range of options, you’ll just pay 30% less to buy it!
First Homes will be subject to a price cap to ensure that they are available to people who may struggle to afford to buy a house at full value. The cap, after the discount has been applied, is £250,000 across England and £420,000 in London. Local authorities will be able to set lower price caps to ensure that First Homes are right for the local market. These price caps apply for the first sale from Avant to you only.
You will own all the home.
A First Home has a restriction on its future resale in that you can only sell to another qualifying first-time buyer at the same percentage discount. This means you must also sell it for a 30% discount compared to its open market value at the time of sale. This is to ensure the First Home continues to benefit others who, just like you, are keen to get onto the property ladder.
To sell, you must have your First Home valued by a valuer accredited by the Royal Institute of Chartered Surveyors (RICS). The surveyor will assess the current market value of your home and will then apply the 30% discount you received when you initially purchased. To sell, you must also request approval from the local authority and share eligibility criteria with your chosen estate agent.
