NEW build homes recently constructed in Verwood are being “heavily discounted” below their market value. 

Family-run business Pennyfarthing Homes has launched 19 new properties at 30 per cent below their full market value at its Potters Wood development. 

Under the government's First Homes initiative, first time buyers can buy the properties from £180,000 for an apartment. 

The First Homes scheme was designed with first-time buyers and key workers in mind, aiming to get them onto the property ladder with discounted homes. 

Potters Wood received planning approval for its third and final phase of properties earlier this year. The neighbourhood will be home to 268 homes once complete. 

Pennyfarthing Homes has said it has seen “consistent sales success” since the first properties launched in 2019. 

Dorset Council’s Gill Taylor, cabinet member for housing, said she hopes Potters Wood will be the first of many First Homes initiatives in the council’s area. 

She added: “I would urge any local residents, including essential workers, who can afford to make this kind of financial commitment to express an interest.  

“There are benefits too for the wider Verwood community, by retaining a skilled local workforce who can live in the area.” 

Demand is expected to be high, Pennyfarthing Homes said.  

There will be two and three-bedroom houses and one and two-bedroom flats available to buy. 

Sheetal Smith, Pennyfarthing’s sales and marketing director, said: “With house prices well over eight times annual earnings in England, it can be incredibly challenging for first-time buyers and key workers to get onto the property ladder.  

“Our aim is to combat that by making it more affordable for local buyers to purchase a home at our flagship Potters Wood development.” 

Available to move in from January 2025, the new homes will feature contemporary interiors designed around modern family lifestyles.  

In addition to the homes, Potters Wood is home to play areas, public open space, ponds, wildflower grassland and a Suitable Alternative Natural Greenspace with areas to walk, cycle and relax.  

The 19 newly launched First Homes are on a four-acre greenfield site that will bring more open greenspace to Potters Wood.