First Homes scheme launched, but when will it be available in London and the rest of England?

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The First Homes scheme was launched on June 4th in Bolsover. In this video, I discuss when it will be available across the rest of England (and London, more specifically). The First Homes scheme offers first-time buyers and key workers the opportunity to buy new build homes with a discount of at least 30% (and maximum of 50%) below market value. The First Homes scheme is part of the government's ‘Own Your Home’ campaign launched to highlight the support available to get people on to the housing ladder. Other schemes in this campaign include: Shared Ownership, Help to Buy and Right to Buy.
The pilot scheme will deliver approximately 1,500 First Homes between 2021 and 2023. Once the main scheme is fully up and running, at least 10,000 new homes will delivered through Section 106 developer contributions each year until 2029.
CONTACT DETAILS
Email: lemuelstudios@gmail.com
Instagram: @SelfInvested_UK
Twitter: @InvestedSelf
LINKS MENTIONED/USED
What is the First Homes scheme? - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-CHoXOUSF1IU.html
First Homes scheme launch - www.gov.uk/guidance/first-homes
OTHER PLAYLISTS
My Shared Ownership Experience (series) - ru-vid.com/group/PLUG_SDz9gLQKqInQrRbCC21S4pZpp4JrN
Shared Ownership - ru-vid.com/group/PLUG_SDz9gLQI3lKk_GIxi9Kgn_GeCaDDp
Help to Buy Equity Loan - ru-vid.com/group/PLUG_SDz9gLQJIBs_0uHERF90GRFLamKv_
CHAPTERS
Intro 00:00
What was launched on June 4th? 01:41
How and when will the main scheme be delivered? 05:28
What is the buying process? 07:50
Outro 12:19
ABOUT ME
I'm Lemuel. I'm not a financial advisor. I'm not an expert. I'm just a regular guy that enjoys talking about how we can do better with money.
If you want to learn more about how you can do better with money, then subscribe to the channel and hit the notification bell so you get an alert whenever I upload a video.
DISCLAIMER
This video is not meant to address the specific circumstances of any particular individual. It is created for educational purposes only. You should not rely upon it as legal, financial or professional advice, or a substitute for it. I do not accept any liability whatsoever for errors, omissions or misstatements contained therein. You should consult a suitably qualified professional if you require specific advice or information.

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Опубликовано:

4 июл 2021

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Комментарии : 85

@sarahfaithfk4348 Год назад

Congratulations for your be child ! All the best and thank you very much for all

@jamilac8633 3 года назад

Congratulations Lemuel!! This video came at the right time! I was really considering the FH Scheme but I'm not a fan of the options when I may want to sell or rent out the property. There always seems to be more autonomy in the traditional route.

@SelfInvested 3 года назад

Thanks, Jamila! I agree. If you can buy what you want the traditional way, then you won’t be restricted on your options if you sell or want to rent out

@panidbabesz 2 года назад

Congratulations on the new baby!

@SelfInvested 2 года назад

thanks, Panid 🙏🏿

@nishiu123 3 года назад

Congratulations on the new addition to your family!!🥰

@SelfInvested 3 года назад

Thank you so much 😀

@natalieb2738 3 года назад

Congratulations

@SelfInvested 3 года назад

Thank you Natalie! :)

@oliviathe0wl 3 года назад

Congrats!!!

@SelfInvested 3 года назад

Thank you! ☺️

@LeeEverittProperty 3 года назад

Great video mate, and glad the family is doing all okay!

@SelfInvested 3 года назад

Cheers, Lee! Hope your family’s well too!

@joline2730 2 года назад

First, congrats to you and your wife for the newborn!! What joy !! 💯👍 Having your notes to hand is very sensible ... most people have them, especially when talking about certain processes which have to be followed, not good if you get them all mixed up and in the wrong order !! There are many a video where the person just rambles on, with no clear structure, and deviates several times and stumbles over words etc (See Harvey Growth Properties !!) so don't apologize for checking on your next points - it's all good 👍👍🏠🏠🏠

@SelfInvested 2 года назад

Thanks, Jo! She's just turned 1 and has started walking! I'm going to start using a teleprompter with certain videos, so I can record and edit them faster. I used one on my latest video. Have a watch and let me know what you think 😉

@PurpleTT99 2 года назад

What an excellent summary, very helpful. I'll be sharing.

@SelfInvested 2 года назад

I'm glad you think so! Please do share, thank you!

@noorur 3 года назад

Congratulations on the second child. Your quality is upto par, no doubt.

@SelfInvested 3 года назад

Thank you, Noorur! I appreciate the comment 🙏🏿

@tlmemes6716 3 года назад

Congratulations dear.Thank you making out the time.

@SelfInvested 3 года назад

Thank you! I appreciate you watching and leaving a comment ;)

@GD_02 3 года назад

Congratulations blessings to you and the family 🙏🏾

@SelfInvested 3 года назад

Thank you Dee! 🙏🏿

@iffatiqbal786 3 года назад

Congratulations, another great video!

@SelfInvested 3 года назад

Thanks, Iffy! x

@praveennair1 3 года назад

Congratulations Lem! Your vids are still quality :)

@SelfInvested 3 года назад

Thank you, 1000! Glad you liked it :)

@praveennair1 3 года назад

@@SelfInvested Hehe thanks

@martinthain7881 3 года назад

Congrats!

@SelfInvested 3 года назад

Thanks, Martin!

@TheWellnessAbbey 3 года назад

Congratulations!!!!! Right, let me watch the rest of the video lol.

@SelfInvested 3 года назад

Haha! Thank you, Rachel! Hope you enjoy!!

@PresentingReality 3 года назад

Congratulations ❤️.

@SelfInvested 3 года назад

Thank you! :)

@rayhan15243 3 года назад

First Homes sounds like an awesome scheme . An affordability home ownership scheme finally done right.

@SelfInvested 3 года назад

It does! Hopefully it works well in practice!!

@2000abbey 3 года назад

Congratulations Lemuel..!!! More blessings to your family. The video was just spot on too! I think First Homes is a great scheme. Let's hope that the practicalities of it also are, but atleast something replacing the current HTB is good. What do you think? Will DM you, thanks for your great work.

@SelfInvested 3 года назад

Yes, Abi! Thanks for dropping a comment :) I agree, it’s got the potential to be a great scheme. So, HTB has been revamped and extended to 2023. I wouldn’t consider this scheme a replace for it. Technically it’s partially replacing Shared Ownership and Affordable Rent from a planning policy point of view. DM me anytime!

@millwallfan06 3 года назад

Hi thanks for the info, I’m wondering if this new first homes scheme will include houses or if it’s going to be tower blocks, and when and how people can reserve in London when they come up

@SelfInvested 3 года назад

You’re welcome! So, I cover the buying process at 07:50 - people can reserve homes with a £500 deposit if they pass the initial assessment. In all honest, it’s likely to be mainly flats in London

@---re9jc 3 года назад

Congratulations! 🤰🏿🤱🏾

@SelfInvested 3 года назад

Thank you! 👶🏿

@michaelting5133 2 года назад

Thanks Lemuel! Very informative. It seems like such a better deal than the other 2 schemes.... or am I missing something? There seems to be less strings attached compared to SO and HTB. ie. no monthly rent or equity loan repayments.

@SelfInvested 2 года назад

Hi Michael! Thank you for watching! I'm glad you found it useful. So, we're yet to have much experience of how the scheme actually works in practice, but it does seem to me to be much more straightforward than the other two.

@Lilli99911 3 года назад

Congratulations, and very informative video.

@SelfInvested 3 года назад

Thank you, Rianne! Glad you found it useful! Are you planning to use the scheme?

@Lilli99911 3 года назад

@@SelfInvested I did want to use the scheme, but the wait is a bit too long for me. I think we can have a good sized deposit in a year's time so we may just go down the traditional mortgage route.

@SelfInvested 3 года назад

@@Lilli99911 Nothing wrong with the traditional route. TBH, I think it’s preferable if you can afford what you want without it…

@DefendYourGains Год назад

I'm about to complete on a shared ownership in London, this makes me want to cancel and wait 😀

@SelfInvested Год назад

I understand how you feel, but don’t make any rash decisions… Also, you may be waiting a long time in London!

@caitlinnixon5293 2 года назад

Great Video, very useful. What impact do you think the First Home scheme will have on future housing developments in Britain? I gather it will create a more sustainable housing market by reducing the supply and demand imbalance, with homeowning being more accessible, meaning more properties are available to buy, invest in, and rent. I'd like to know your thoughts, I am researching into this scheme for an upcoming interview.

@SelfInvested 2 года назад

Hey Caitlin! That’s a big question! Here are my initial thoughts… I don’t think the scheme will have a major impact on future housing developments. When the main scheme is rolled out, it will not be adding more affordable housing to the market. Rather, it will replace a portion of other forms of affordable housing, such as Shared Ownership, that are usually provided through developers S106 planning contributions. Unless local authorities are stricter about developers providing affordable housing in their planning applications, I don’t think this scheme, by itself, will make a major difference. I do, however, think this scheme is a better form of affordable housing than other initiatives, such as Shared Ownership. However, I also think only a lucky few will benefit… Hope this answers your question!

@rosemartine8674 3 года назад

Can you explain to me how can you stand as a guarantor for a first time buyer?

@SelfInvested 3 года назад

It's a topic I need to research myself, but once I have, I'll a video on it!

@TheWellnessAbbey 3 года назад

It sounds good but as it will bring down the average price of properties in the area/Street it's located in, do you think it's bad news for investors and home sellers?

@SelfInvested 3 года назад

Possibly but I don’t think it will have a big impact on new investors and home sellers. The number of First Homes available will be limited and only available to first-time buyers and key workers. Also, when you say investors, do you mean BTL landlords? If so, again, I don’t think it will have a significant impact of on the private rental market as this scheme won’t be providing more affordable homes then there would otherwise be, it’s just replacing a portion of other types of affordable housing, such as Shared Ownership and Affordable Rent… What do you think?

@TheWellnessAbbey 3 года назад

@@SelfInvested ah I see- didn't realise it was actually going to replace a portion of the affordable homes that are currently available. Sounds very interesting then! I guess even though there won't be thousands upon thousands that are available, it providing housing for just even a few families is lifechanging and something worth creating. Thanks!

@aaronflanagan8340 2 года назад

Great Video! When is the scheme coming to London?

@SelfInvested 2 года назад

Thanks, Aaron! I think the earliest we’re likely to see any First Homes in London is going 2023/24 as the main scheme is rolled out

@dvdsbl 2 года назад

Should I wait for this scheme or not? I'm in Brighton. Prices are skyrocketing and I'm risking to be priced out but at the same time I'm afraid that if I buy now prices will soon drop because of the recession together with this new scheme starting to be adopted by the builders in a few months!

@SelfInvested 2 года назад

Sorry, Brad. I can't answer that question for you. Having said that, if you find a place that you love, you can afford it, the terms and conditions are good, and you plan to own it for the long term, buying now doesn't seem like a terrible idea with a slight price drop in the short term. But that's just my own thoughts, not advice...

@veronicaserwaahboateng 2 года назад

Hi.. Lemuel. I live around Coventry n I am a key worker. Any idea how roughly this scheme will be around where I live. Tnx

@SelfInvested 2 года назад

Hi Veronica! When you say how it will be, what do you mean exactly? Do you mean how key workers will be prioritised?

@veronicaserwaahboateng 2 года назад

@@SelfInvested Hi. Lemuel.i meant when these first homes will be around Coventry..tnx x

@MissNature2023 2 года назад

Hi I would like to know how much deposit can you pay ?

@SelfInvested 2 года назад

Hey there! As little as 5% to secure a mortgage mortgage

@SelfInvested 2 года назад

The non-refundable deposit to secure the property with the developer will be around £500

@chubbychuky 3 года назад

Hi there. I have recently started to look for properties after securing a MIP. Would you say it's worth waiting for the First Homes Scheme to open up fully in order to benefit as a FTB? Although based on what you've just said, it'll be another 12-18 months worth of waiting 🤔. Oh and congrats too 👏🏾😀

@SelfInvested 3 года назад

Thank you Obi! I’m guessing you’re looking to buy a property in London, right? From what I understand, this means you’ll probably have to wait until 2023 - according to when the new planning policies will be enforced and how long it takes to complete a development once it receives planning permission (a minimum of 12-18 months as you’ve mentioned). To be honest, if I could buy a property I wanted without the scheme, then I would probably buy it without the scheme. The scheme allows you to buy at a discount, but you also have to sell at a discount - so you can’t really profit on it like you can with the Right to Buy scheme. Also, First Homes will come with certain restrictions when selling (as you can only really sell to first time buyers), and also if you wanted to rent the property out in the future, this will be restricted…

@chubbychuky 3 года назад

@@SelfInvested Thanks for your prompt response Lem. As soon as I sent the comment, I knew I should have added I'm not in London (Midlands) but I presume the information is just as relevant? I didn't however consider the other restrictions/limitations should the need to sell arise. Wouldn't the government cover the discount again in the future at the point of selling (for the new FTB)? Although I'm now realising how naive it is to think that the government would essentially gift FTBs 60k (30% of a 200k house for example) and still allow them to benefit again at the point of selling. Great video again and thank you!

@SelfInvested 3 года назад

No problem, Obi. So in the Midlands, you may see First Homes earlier, which are part of the pilot scheme - but there will only be 1,500 across all of England. The vast majority of First Homes will be delivered through the main scheme, and so most likely from 2023. With the grant for the discount, that will be for the developer only. Subsequent sellers won’t receive any further assistance from the government