About First Step Homes (SW) Ltd

First Step Homes (SW) Ltd is an innovative private developer, providing good quality houses which are genuinely affordable to First Time Buyers.

If you are a first time buyer living or working in the South West of England and fear that rising house prices will put home ownership beyond your means, think again! Unlike most developers, we look to serve local communities and fulfill the housing needs of local families and workers, at prices significantly below open market value.

Housing in the UK is a huge issue. A significant proportion of the population cannot afford to get onto the property ladder due to an imbalance between average earnings and average house prices. Average UK salaries are approximately £23,000 while average UK house prices are over £210,000. With mortgage lenders typically offering 3 or 4 times income, most of the housing market is therefore out of reach of First Time Buyers.

As a result of this housing crisis, Government policy now requires any new housing development to contribute towards the provision of affordable housing.  This is secured within the planning process by way of legal agreements, between the developer and the Local Authority, known as Section 106 Agreements.

Affordable housing may comprise a combination of different tenures:

a) Housing for rent via Registered Social Landlords (R.S.Ls) at subsidised sub-market rents.

b) Shared ownership schemes. The purchaser will buy a percentage share of the property and pay a subsidised rent on the retained equity interest.

c) Intermediate housing, where local qualifying people may purchase a home, at a substantial discount of the open market value of the property.

First Step Homes (SW) Ltd provides Intermediate housing, which is discounted housing primarily for First Time buyers who are local to the area in which the development is being built.