AN MP has hailed a move for a new generation of homeowners to get on the housing ladder as a 'milestone'.

A new government scheme has launched which will cut the cost of some new homes by a third.

The First Homes scheme will see a discount locked into the property to ensure more first-time buyers benefit in years to come.

Local people unable to afford a home will be able to buy in their area, rather than be forced to look elsewhere by rising prices.

The scheme will lower deposit and mortgage requirements for local first-time buyers in England – shaking up the housing market and making the dream of home ownership a reality.

The discount will apply to a proportion of new homes, with the government consulting on how this will be delivered.

Dr Neil Hudson, MP for Penrith and the Border said: “Hardworking people deserve the opportunity to own their own home, but too many first-time buyers here in Penrith and The Border have been forced out of buying due to rising prices.

"This is why I really welcome the First Homes scheme, it will be life-changing for people across Penrith and The Border who are looking to buy a first home.

“The scheme will make a huge difference, we will be cutting the cost of qualifying new homes by a third - lowering the deposit and mortgage requirements for local first-time buyers in England.

"Under this new scheme, eligible first-time buyers will save on average around £100,000.

“I am also pleased that veterans will be prioritised as part of Armed Forces Covenant and councils will also be able to use the scheme for front-line workers in their area such as police, nurses, prison officers and teachers.

“We want to ensure that hard work is the only hurdle to buying a first home and to see more and more first-time buyers and their family’s setting down roots in their local communities.”