A NEW generation of homeowners will be able to take their first step on to the housing ladder thanks to at scheme which will cut the cost of some new homes by a third, the government said.

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

People unable to afford a home will be able to buy in their area, rather than be forced to look elsewhere by rising prices, it is said.

The scheme will lower deposit and mortgage requirements for local first-time buyers in England.

Welcoming the announcement of the scheme, Simon Fell MP for Barrow and Furness said:

“Hardworking people deserve the opportunity to own their own home, but too many first-time buyers here in Barrow and Furness 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 Barrow and Furness."