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PROPOSED FIRST HOME SCHEME
A THREAD
The Government are proposing a new scheme that will see Local First Time Buyers (LFTBs) get a 30% DISCOUNT on their purchase price
This is said to save eligible buyers around ÂŁ100,000 on average!
WAIT
More information below
A THREAD
The Government are proposing a new scheme that will see Local First Time Buyers (LFTBs) get a 30% DISCOUNT on their purchase price
This is said to save eligible buyers around ÂŁ100,000 on average!
WAIT More information below
The 30% discount is actually locked in, this means when you sell the property you sell it onto another LFTB at a 30% discount again
EXAMPLE
- Buy ÂŁ300K property at 210K
- Market Value rises to ÂŁ350K
- If you sell you will sell for ÂŁ245K
Taking ÂŁ35K equity rather than ÂŁ50K
EXAMPLE
- Buy ÂŁ300K property at 210K
- Market Value rises to ÂŁ350K
- If you sell you will sell for ÂŁ245K
Taking ÂŁ35K equity rather than ÂŁ50K
Key Workers will take priority with this scheme such as
Nurses
Firefighters
Police
Military Personnel
Further to this, the scheme is aimed at local people to stop them getting priced out of where they live and work
Nurses
Firefighters
Police
Military Personnel
Further to this, the scheme is aimed at local people to stop them getting priced out of where they live and work
Other proposals for the scheme
- The property cannot be let out (however a 2 year âconsent to letâ style agreement may be obtained if away from the home
- Renting our to Lodgers May be permitted
- Help to Buy Equity Loan cannot be used in conjunction with First Home Scheme
- The property cannot be let out (however a 2 year âconsent to letâ style agreement may be obtained if away from the home
- Renting our to Lodgers May be permitted
- Help to Buy Equity Loan cannot be used in conjunction with First Home Scheme
THINGS TO CONSIDER
The discount being offered is restricted to New Build Homes only
In the UK new builds have âbuiltâ a reputation for being over priced, cheaply made with âsnaggingâ surveys bringing back terrible results
The discount being offered is restricted to New Build Homes only
In the UK new builds have âbuiltâ a reputation for being over priced, cheaply made with âsnaggingâ surveys bringing back terrible results
Further to this, people have also found difficulty selling new builds on
This is because you now have a âsecond hand houseâ that you paid a premium for. Builders may still be offering incentives on new build in the local area
This makes it very difficult to achieve a good price
This is because you now have a âsecond hand houseâ that you paid a premium for. Builders may still be offering incentives on new build in the local area
This makes it very difficult to achieve a good price
EVEN FURTHER to this
When you buy the property at a 30% discount you can ONLY sell to another LFTB, again at a 30% discount
In theory, this reduces the pool you can sell to significantly, thus reducing the demand and in turn reducing the value
When you buy the property at a 30% discount you can ONLY sell to another LFTB, again at a 30% discount
In theory, this reduces the pool you can sell to significantly, thus reducing the demand and in turn reducing the value
A lot of people feel that the housing issues in the UK are not being correctly addressed
People are concerned about the lack of social homes being built or the methods used to try and âsaveâ the current housing crisis
It would be good to hear thoughts below
People are concerned about the lack of social homes being built or the methods used to try and âsaveâ the current housing crisis
It would be good to hear thoughts below
Donât plan around this just yet as a similar scheme was also announced back in 2014 by David Cameron with no progress made at all
In the meantime this is only a consultation and the link can be found below
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864265/First_Homes_consultation_document.pdf
In the meantime this is only a consultation and the link can be found below
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864265/First_Homes_consultation_document.pdf
