In the recent Queen’s speech, the Queen outlined plans for her Government to support home ownership. This included making houses available at a discount for local first-time buyers. An idea PM Boris Johnson first mentioned during the Conservative Leadership Race.
Since 2010 the Government have delivered over 464,500 new affordable homes which have also included affordable homes for tenants. The Government will shortly launch a consultation on First Homes to help those who have grown up in small villages and towns to buy a home locally.
This is particularly important for those living in the East of England due to its geographical make-up. The average house in Aldeburgh for example is currently £495,618, which is £267,294 higher than neighbouring village Wickham Market. The Discounted Sales system will also support Key Workers by offering a 25% to 50% discount.
In addition, the Government plans to make changes to the Shared Ownership system, which allows people meeting the criteria to buy a percentage of their home and pay rent on the balance. These changes are likely to include a reduction in the initial percentage share bought and more fairness and transparency concerning the system.
Currently when purchasing a shared ownership, you are required to buy a minimum of 25% with a 5% deposit. Locally Flagship Homes and Orwell Housing offer shared ownership scheme. These properties can also be found via Rightmove and Share to Buy. For those living in London the Homes for Londoners website offer shared owners listings and good shared ownership advice.
Good News For First Time Buyers
All of these plans are expected to increase the number of first-time buyers entering the property market as well as reducing the amount of people in the UK that are homeless. In 2018 there was an 84% increase in first-time buyers purchasing homes since 2010. This equates to nearly 360,000.
To cope with this demand the Government have also pledged to invest £10bn via the Single Housing Infrastructure fund to provide roads, schools and doctors surgeries.
If you are a soon-to-be first-time buyer or you are considering moving home this year Attwells Solicitors are able to provide you with jargon-free conveyancing advice. Our solicitors are property law experts therefore when you instruct Attwells you know your conveyancer will be supported by industry experts who specialise in shared ownership and new builds.
For an instant conveyancing quote please visit our conveyancing page or click the links within this article. Unlike most other conveyancing firms Attwells allows you to receive a quote without entering your personal information. This is ideal for those still window shopping and is part of Attwells commitment to jargon-free law.