For many people, the thought of owning a home in their community will seem like a distant dream. Unless you come from a wealthy background, have been gifted a significant amount of money or have a large amount of savings, then the average income often can’t support a first-time buyer mortgage.
That’s where the First Homes Scheme comes in.
Introduction to The First Home Scheme
Put simply, The First Homes Scheme is a way of helping first-time buyers, many of whom will be key workers such as NHS staff and teachers, to get onto the property ladder for the first time.
The scheme currently only applies to those looking to buy their first home in England, however there are other schemes being offers by The Welsh Govenrment in Wales.
Eligible homes can be built by a developer or can be bought through an estate agent providing the house was previously bought by someone on the scheme.
The scheme is there to support local people who may be struggling to meet the market value of houses in their area. The amount of people who cannot afford to buy their first home has increased largely due to how fast house prices have increased relative to earnings.
Buying your first home is getting harder. The First Home Scheme is designed to change that.
It’s never been harder to get on the property ladder
In fact, the price of the average UK home has increased almost twice as much as the wages of the average UK worker over the past 50 years. This widening gap between household income and UK home prices has limited the amount of young people able to buy their first home.
The First Home Scheme offers a way of making buying a home more affordable, as well as keeping those all-important key workers in their respective communities where they may have a family and an occupation that is hard to relocate.
