What is the First Time Buyers Initiative and how does it work?

The First Time Buyers Initiative aims to give more people the opportunity to own their own homes by increasing the supply of affordable housing for sale.  It is being delivered through English Partnerships, the national regeneration agency.

It is a shared equity scheme that aims to help eligible first time buyers to buy a share in a new home. They must buy at least half of the property, and English Partnerships will retain the rest. After living in the home for three years, buyers will pay a charge to English Partnerships based on a percentage of the equity they don’t own.

Who is eligible and what are the selection criteria?

Around 50% of the homes will be for key public sector workers, such as nurses, teachers and police officers. The remaining homes will be available to groups identified as priorities by Regional Housing Boards. 

For certain groups, the maximum household income should not be more than £60,000. Lower limits may apply to other eligible groups. Priority will be given to people currently in private rented or temporary accommodation.

How do I apply?

Contact your local HomeBuy Agent. Homebuy Agents assess eligibility and help buyers find a suitable home in their area.