First Homes Scheme London: Helping First-Time Buyers Get On The Property Ladder

Doubts raised over ‘First Homes’ scheme News Housing Today from www.housingtoday.co.uk

Introduction

Buying a home is a significant milestone, but it can also be a daunting task, especially for first-time buyers. In London, where property prices are notoriously high, the process can seem even more daunting. However, the government's First Homes Scheme is here to help. In this article, we'll take a closer look at the scheme and how it can help first-time buyers get on the property ladder.

What is the First Homes Scheme?

The First Homes Scheme is a government initiative that aims to help first-time buyers purchase a home. Under the scheme, eligible buyers can purchase a property at a discount of at least 30% of the market value. The scheme is open to people who live or work in the local area and have a combined household income of less than £80,000 per year.

How Does the Scheme Work?

Under the First Homes Scheme, developers are required to offer a certain percentage of new homes at a discount to first-time buyers. These homes must be sold at a minimum of 30% below the market value and can only be sold to eligible buyers. The discount is then passed on to future buyers when the property is sold.

Who is Eligible?

To be eligible for the First Homes Scheme, you must be a first-time buyer and have a combined household income of less than £80,000 per year. You must also live or work in the local area where the property is located.

Advantages of the First Homes Scheme

One of the main advantages of the First Homes Scheme is that it makes it easier for first-time buyers to get on the property ladder. The scheme offers a significant discount on the market value of the property, which can make it more affordable for buyers who are struggling to save for a deposit. Additionally, the scheme is open to people who live or work in the local area, which can help to support local communities.

Disadvantages of the First Homes Scheme

While the First Homes Scheme offers many advantages, there are also some disadvantages to consider. For example, the scheme is only available for new build properties, which may limit the choice of properties available. Additionally, the discount is only available to eligible buyers, which means that some people may not be able to take advantage of the scheme.

How to Apply for the First Homes Scheme

To apply for the First Homes Scheme, you should contact your local council or housing association. They will be able to provide you with information about the scheme and help you to apply.

Conclusion

The First Homes Scheme is an excellent initiative that can help first-time buyers get on the property ladder. By offering a significant discount on the market value of new build properties, the scheme makes it easier for people to purchase their first home. If you're interested in the scheme, contact your local council or housing association to find out more.