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First Home Scheme

Published: 14/06/2021

First-time buyers in England, in particular key workers, will have the chance to buy homes within their local area for a discount under the government's First Home Scheme launched this month.

The scheme will offer selected new build properties (houses and flats) to first-time buyers for between a 30% and 50% market discount. This discount is 'for keeps' and must be applied to all subsequent purchasers.

Based on the current average price of a new build property across England, prospective purchasers could save close to £70,000 based on a 30% discount, and nearly £115,000 if a 50% discount is applied.

Local Authorities can define 'local connection' and are expected to prioritise key workers. There are limits on buyer income, maximum purchase price post discount and a minimum 50% mortgage will be required. Source: Dataloft, UKHPI, based on average price of a first-time buyer home March 2021, UKHPI

Are you trying to find a new place to live, call Willmotts for property advice or information with selling and or buying a home please email sales@willmotts.com or call 020 8222 9958

#willmotts #propertyexperts #estateagents #lettingagent #charteredsurveyors #willmotts1856 #guildproperty #dataloft #proudguildmember  #propertymarket #tenants #landlords #propertysales #residentialproperty
Source: Dataloft