HOUSING REPORT: With increasing demand, 37 per cent of properties sold above the original asking price, a staggering 185 per cent increase year on year, from August 2020.
The First Homes Scheme enables a first-time buyer purchasing their only home to take advantage of at least a thirty percent discount on the property’s market value. Buyers must purchase properties with at least a 50 per cent mortgage.
Housing Minister Robert Jenrick MP has announced a new First Homes Scheme of discounted houses for local people and key workers in England. The first properties going onto the market are in Bolsover (East Midlands) as part of the first phase of an early delivery project.
Minister of State for Housing, Christopher Pincher MP has announced the UK Government’s ‘First Homes’ scheme as part of their commitment to supporting people to own their home.
Sam Legg, a nineteen year old farmer from Leicestershire, has become the 300,000th homeowner to use the Help to Buy: Equity Loan Scheme since its launch in 2013 and urges others to do the same.
The UK Government has today, 19 April, opened a Mortgage Guarantee Scheme to help first-time buyers and current owners with 5 per cent deposits buy a house up to £600,000.
The First Home Fund, a shared equity pilot scheme, was launched by the Scottish Government to provide first-time buyers with funding, however, it has closed for applications five days after it re-opened.
The Scottish Government’s First Home Fund scheme will re-open on 1 April 2021, which has a budget of £60 million available for the financial year 2021-22 to provide first-time buyers with up to £25,000 to help them buy a property, which can be used for both new build or existing properties.
The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
Ahead of the budget on 3 March, Propertymark has published its manifesto asking for ten changes the UK Government to make to support the housing sector. Principal changes are a continuation of the cut in stamp duty and extending the Help to Buy scheme to the second-hand homes market.
The Generation Buy Scheme will give first-time buyers the chance to take out a long-term fixed rate mortgage of up to 95 per cent of the value of the home.
The First Homes scheme proposes to introduce a 30 per cent discount for first time buyers who, will ‘save around £100,000 on the price of an average new-build property’ according to the UK Government.
Housing Secretary Robert Jenrick has announced plans to cut costs of a proportion of new homes by a third for first-time buyers.
First time buyers in England buying a new home using the Government’s Help to Buy Equity Loan scheme are paying on average 10 per cent more than those buying new homes without Help to Buy, research from reallymoving has discovered.
A new study from Santander Mortgages has revealed striking misconceptions and knowledge gaps among aspiring first-time buyers as they prepare to make their most major purchase.
We are widely supportive of the Scottish Government's proposal to introduce Land and Buildings Transaction Tax (LBTT) relief for first-time buyers but warn that there are lessons to be learned following stamp duty relief being introduced for first-time buyers in England.