FirstBuy

Boost for first time buyers

FirstBuy is a new product in the Government’s HomeBuy range designed to help first time buyers into home ownership in a way they can afford. It is expected to assist nearly 10,500 purchasers to buy a new home over the next two years.

FirstBuy is part of the Government’s wider proposals to boost growth by simultaneously stimulating demand, tackling supply-side barriers and supporting local priorities for supply. FirstBuy is aimed at maintaining capacity in the housebuilding industry in the short-term while assisting deposit constrained first time buyers to realise their homeownership aspirations.

FirstBuy support is offered through equity loan funding of up to 20% of the purchase price split equally between the HCA and the housebuilder, with purchasers being required to raise funding (a mortgage plus deposit) of at least 80% of the purchase price.

FirstBuy Allocations

FirstBuy is being delivered by the HCA, working with housebuilders and housing associations, as part of our Affordable Homes Programme. We announced FirstBuy allocations on 20 June, following a bidding competition for housebuilders. We anticipate signing the first contracts in July, with the first homes being available from September.  There will be separate contracts for delivery in London.

Competition for housebuilders

The initial stage in implementing FirstBuy was the launch of the competition for housebuilders to offer new build homes for the initiative. This competition is now closed. For reference, full details of the competition are included in the Prospectus.

• FirstBuy Prospectus - PDF (155 KB)
• FirstBuy Prospectus Annex 1 assessment - PDF (49 KB) (updated 20/04/11)
• FirstBuy submission requirements - PDF (61 KB) (updated 21/04/11)
• FirstBuy submission spreadsheet - XLS (227 KB) (updated 21/04/11)
• FirstBuy grant agreement - PDF (644 KB)
• FirstBuy FAQs - PDF (34 KB) (added 19/04/11)

Please note: the Excel file should not be opened in your browser, please save it to your computer and open in Excel.

Key contacts

The first point of contact for successful housebuilders and housing associations is our area investment teams.

Potential buyers through FirstBuy should contact their Local HomeBuy Agent, which can be found on the Directgov website. Potential buyers should also read the FirstBuy Buyers’ Guide - PDF (95KB).

For general FirstBuy enquiries please email: FirstBuy-Enquiries@hca.gsi.gov.uk.