£40m confirmed through FirstBuy
This are the first allocations from a £280m pot to help a further 16,500 first-time buyers benefit from the FirstBuy scheme.
The scheme saw 3,000 sales made by March this year and developers reporting more than 8,000 FirstBuy reservations by the end of August.
The £280m boost to FirstBuy forms part of the Housing and Growth Package announced by the Prime Minister and Deputy Prime Minister in September, one of a range of measures designed to get Britain building and kickstart the economy.
This includes the NewBuy Guarantee and Right to Buy schemes.
Prisk said:”Firstbuy has already proved hugely successful, providing a practical alternative to the Bank of Mum and Dad for thousands of first-time buyers across the country.
“The scheme has become a major player in helping people onto the property ladder and getting Britain building again – and I’m determined to maintain that momentum.
“That’s why today just a month after the Prime Minister confirmed this funding boost, I’m asking developers to start putting this money to good use – and giving them the chance to start planning for how they can help first-time buyers in the coming year.”
Homes and Communities Agency chief executive Pat Ritchie said:”We welcome the additional £280m of FirstBuy funding, which will make a major difference to the lives of prospective homebuyers and keep momentum for affordable home ownership going, not only for this financial year but for the year after.
“We are pleased to be able to allocate some of the funding for this financial year, and anticipate a strong bid response to the remaining £240m and we look forward to working with our developer partners to bring these homes forward.”