the latest help for first-time buyers
It hasn’t been easy for first-time buyers over the last twelve months with rising mortgage interest rates and a decade of increasing property prices. Thankfully, there are some huge savings and cost-cutting measures in place for first-time buyers and we’re here to tell you more about the government’s First Homes Scheme. The scheme, launched initially in 2021, is running on a site-by-site basis, with housebuilders building sites specifically for discounted purchase to help first-time buyers get their feet on the property ladder. The discount on offer is 30%, making a £100,000 savings on the average price of a home in the UK.
To qualify, you’ll need to be a first-time buyer looking to purchase a new build in your local area and have the intention of living in the property. The scheme is also prioritizing buyers in certain professions, such as police or teachers. Buyers combined incomes will also need to not exceed £80,000, which increases to £90,000 for London. Property prices will also be capped at £250,000 post discount in England, however the cap rises to £420,000 in London.
We think this is a great initiative that will help increase the number of people owning property in the UK. While stock of houses being built for the scheme is low, we foresee this scheme gaining popularity now other initiatives for first time-buyers have ended. If you’d like to know more about this scheme, we recommend reading this article by unbiased.co.uk.
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