[ad_1]
Properties are a huge investment and often come at a high price, with many unable to afford the price or deposit. Under the new scheme, which was unveiled by Boris Johnson last year, discounted homes will be available for local people who want to stay in the community they live or work but who are struggling with buying a home at the market price.
The discount will be passed onto future buyers when First Homes are resold so more people can be helped onto the housing ladder.
Rightmove’s Director of Property Data Tim Bannister, said: “There’s likely to be a scramble for properties under this scheme as they become available, especially as we’ve already seen an influx of first-time buyers enter the market recently, helped by more lower deposit mortgages being available.
“The scheme could help level up the playing field for buyers in areas where there’s strong competition between first-time buyers and buy-to-let investors, and could help some people bring their plans forward or buy a bigger home than they were originally expecting to.
“Based on current available stock levels it’s unlikely there will be enough of these properties to satisfy the high levels of demand, so eligible buyers will need to get in quick to have the best chance of securing one.”
DON’T MISS:
Cleaning tips: Remedy the most common cleaning disasters [EXPLAINER]
Rightmove shares their top 3 Algarve property hotspots [INSIGHT]
Mark Millar shares how to transform bathroom for £2,500 [COMMENT]
The scheme will launch on June 28, 2021, but as the homes need to be built first, it is expected more First Homes will be available for sale from 2022.
There will also be a cap on the price of First Home properties, meaning after the discount has applied, homeowners won’t be paying more than £250,000, or £420,000 if they live in London.
This price cap could be even lower, depending on whether a local authority chooses to lower it.
Buyers can use the official Help to Buy website as well as property websites such as Rightmove to help locate these new housing developments.
Propertymark, which oversees estate agents, said the scheme is a “creative initiative” and one that could “really work”.
However, they warned it could send house prices rising even more than they already are.
Chief executive Nathan Emerson, said: “We have a really busy market right now, full of hungry buyers, and there is a danger that introducing more buyers without increasing supply could further push the supply and demand out of balance, meaning house prices would continue to rise.”
According to new research carried out by Market Financial Solutions, a home with a garden is becoming increasingly popular.
A new study among 1,282 UK homebuyers has assessed the factors most important to people when searching for a property, comparing the results to the same survey in 2019.
It found that a garden or outdoor space was the single most important factor when it came to property searching.
More than 92 percent of homebuyers said this was an “important” or “very important” factor to them.
Paresh Raja, CEO of MFS, said: “It is no secret that the pandemic has altered people’s perspective on what they want and need from their homes.
“Remote working and social distancing mean the majority of Britons now spend much more time in their own homes, while access to outdoor space for both exercise and socialising has become far more important.”
[ad_2]
