Government’s new First Homes programme

A new scheme introduced by the government last month is a bid to further boost the housing market as well as filling the quota for affordable housing that needs to be factored in for every new major residential development site.

This scheme takes the form of offering homes discounted by a minimum of 30% its market value. Of course, as with most schemes there is an eligibility criteria that must be met. In this case the First Homes are for first time buyers needing a mortgage and who do not have a combined annual income exceeding £80,000 or £90,000 in Greater London.

There is also a cap on the value of the properties that can be purchased through this scheme and that is £420,000 in London and £250,000 in the rest of England.

Now that the SDLT holiday is tapering off, this scheme could continue the surge in the market and help meet ever-increasing demand.

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