Salford Property News
First Home Scheme Launched in England
First-time buyers in England, in particular key workers, will have the chance to buy homes within their local area for a discount under the government's First Home Scheme launched this month.
The scheme will offer selected new build properties (houses and flats) to first-time buyers for between a 30% and 50% market discount. This discount is 'for keeps' and must be applied to all subsequent purchasers.
Based on the current average price of a new build property across England, prospective purchasers could save close to £70,000 based on a 30% discount, and nearly £115,000 if a 50% discount is applied.
Local Authorities can define 'local connection' and are expected to prioritise key workers. There are limits on buyer income, maximum purchase price post discount and a minimum 50% mortgage will be required. Source: Dataloft, UKHPI, based on average price of a first-time buyer home March 2021, UKHPI
About The Blog
This Blog looks at what is happening in the Salford and Eccles property market. We report on events and community news along with investment ideas and tips for those loosing to invest in the area.
Dewi Jones - Editor
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