First Homes Consultation

First time buyers will be given a discount of 30% under the governments proposed First Homes consultation paper. This will do little to help those people who are the targets for this housing.

The average price of a 1-bed flat in London is in excess of £420,000 according to Foxtons. Using the Mayor for London’s affordability criteria, this means that buyers will need to have a household income of at least £58,000. The income required for a 2-bed flat rises to an alarming £87,000.

In some sub-urban and rural areas where the cost of a home is significantly lower, these homes may be more affordable.

If First Homes are to be made more affordable they need to be indexed to incomes and the cost of the homes and their discount levels fixed accordingly.

Mix Developments has urged the Ministry of Housing, Communities and Local Government to consider including Mix’s tiered system for their housing where homes are affordable to people on incomes as low as £25,000. This will give essential workers a more realistic opportunity to own a home of their own.


First Homes Consultation