First-time buyers in Boston can now benefit from 30% off the price of a new home thanks to a government initiative offered by Chestnut Homes and Boston Borough Council.
The First Homes scheme allows eligible buyers to purchase a new Chestnut Home with a 30% discount off the purchase price, while still owning 100% of the home, making homeownership a realistic prospect for first-time buyers.
With its commitment to support first-time buyers with achieving the dream of home ownership, Chestnut Homes was the first Lincolnshire housebuilder to offer the initiative back in 2022.
Building on this success and commitment, it’s two and three-bedroom homes at The Quadrant in Wyberton are the latest homes to offer the initiative. This project has been supported by Boston Borough Council through the Boston Partnership Fund, funded by UK Government.
After hitting a decade-low, the number of first-time buyers in the UK saw a welcome increase in 2024. However, with continued challenges to get on the property ladder, a recent survey conducted by Chestnut Homes found that 85% of buyers wanted further government support.
David Newton, managing director at Chestnut Homes, said: “This agreement marks a significant step forward in our commitment to the Boston community, creating opportunities for first-time buyers to achieve their dream of homeownership in a vibrant market town.
“We recognise the obstacles faced by many aspiring homeowners, and through this initiative and partnership with Boston Borough Council, we hope to provide a crucial stepping stone for first-time buyers looking to achieve the goal of homeownership.”
In addition to the savings first-time buyers will make on their purchase, any homes purchased under the First Homes initiative will need to be sold to another eligible buyer at the same discount rate it was purchased for. This means generations of new buyers, and the local community will continue to benefit from the buying option for years to come.
Councillor Sandeep Ghosh, portfolio holder for finance and economic growth at Boston Borough Council, said: “This development represents precisely the type of initiative we are committed to supporting through the Boston Partnership Fund. It provides a tangible and meaningful opportunity for local residents, particularly first-time buyers, to take that important first step onto the property ladder, allowing them to build their lives and futures within the Borough of Boston.
“The provision of high-quality, affordable housing is not only a fundamental component of our economic growth strategy but also central to our wider vision for inclusive, sustainable communities. Ensuring that our residents have access to modern, well-designed, and energy-efficient homes supports long-term stability, promotes social cohesion, and enhances overall quality of life.
“Our partnership with Chestnut Homes demonstrates what can be achieved when local government and responsible developers work collaboratively with a shared sense of purpose. By delivering homes that meet both current and future needs, we are actively strengthening the fabric of our towns and villages and fostering a sense of pride, belonging, and place.
“As we continue to invest in projects that bring real value to our residents, we remain steadfast in our commitment to making Boston a thriving, resilient, and attractive place to live, work, and raise a family.”
Demand for First Homes at The Quadrant has been high, with all 17 properties initially released now reserved. A further 13 homes are anticipated to be released later this year.
Designed with modern living in mind, the homes feature stylish finishings and are located within thriving Lincolnshire communities. The energy-efficient insulation, heating and lighting, also help buyers save an average of £2,207* annually on energy bills compared to those in older homes, as well as their deposit.
Chestnut Homes offers a diverse selection of two to five-bedroom homes across a range of desirable Lincolnshire locations including Boston, Coningsby, Dunholme, and Market Rasen. Each development has been thoughtfully designed for a variety of modern lifestyles including first-time buyers, expanding families and those seeking a comfortable downsize.
