PHOTO: Property: The government scheme will run in England (Image: GETTY)

HOUSE prices could be cut by up to 30 percent for first time buyers in England. The government is expected to release more details on the plan today. This is how it will work.

The property market was forced to slow down as the coronavirus crisis began.

During the lockdown, the housing market was put on hold as Britons were asked to stay indoors.

As it gradually reopens, the government is expected to announce more details on new rules that will give some buyers a huge discount.


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Plans of the discount was first mentioned in the government budget.

More details of exactly how the scheme will work are expected to be given in white papers today.

How does it work?

The First Homes scheme will earmark properties that will be given a new low price for buyers in England.

This could save buyers thousands of pounds when purchasing one of the discounted homes.