Local Life - Wigan - August 2021

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48 having First Homes - An Overview The Government have recently launched the First Homes initiative, their latest scheme for prospective home buyers, and one designed to give first-time buyers in England, and key workers in particular, a chance to buy homes within their local area for a 30-50% discount. This sounded too good to be true, so I took a look over the scheme and here’s an overview at what this means for future homeowners in the Wigan area. The background First Homes is just the latest in a range of initiatives that the Government has launched to help people buy homes. The government’s target is to make 1,500 First Homes available by the end of 2021, with a total of 10,000 eventually. Some previously frustrated homebuyers will get lucky and gain a foothold on the property ladder, but many will not as demand is likely to be fierce. The first properties available through the scheme have been put on the market in Bolsover in the Midlands, and the government has asked developers to ring-fence 25 per cent of all new homes built, so most parts of the country should have at least a few of these affordable homes coming on-stream soon. Are you eligible? The scheme is only open to first-time buyers. If you’ve never owned a property but your partner has, then you won’t be eligible for the First Homes scheme. It must be your first non-rented home. The combined annual income of all the buyers can’t exceed £80,000 (£90,000 in London). You must have some sort of ‘local connection’. This is where it gets a little bit hazy, and the criteria will differ from area to area. It may be something as simple as family in the area or being employed locally, but each local authority will be able to set their own criteria and they are also responsible for setting the discount levels. However, it is expected that, in all areas, the priority will be given to key workers, so if you are deemed as a key worker, then you have a better chance of securing a property. Main benefit According to a recent survey published by Dataloft using the UK House Price Index, a 30% discount in the North West would be worth £47,342 to first time house buyers whilst a 50% discount would be worth £78,903. These are substantial discounts for any person, but massively so to a first-time buyer. Effectively this means that first-time buyers may be able to secure a home for as little as half the market price. Main drawback The discount is ‘for keeps’ – all subsequent buyers of the property will receive the same percentage discount, not just the first buyer. When a buyer comes to sell their First Homes home, they must pass on the same percentage discount that they themselves received, and the buyer must also be someone who meets the eligibility criteria at the time. Most first-time buyers will not be deterred by this rule, but it’s something to consider when looking at the longer term. As there is less scope for making such a big profit, buyers under the First Homes scheme may struggle to climb the housing ladder as quickly in future. Summary Depending on your personal circumstances and the level of discount you can secure, the benefits of the First Homes scheme generally outweigh the drawbacks and any first time buyer, particularly those already in the rental sector, should carefully consider the scheme. For details on this and other Government schemes targeted at house buyers, check out www.ownyourhome.gov.uk. Alan Batt is a member of The Royal Institution of Chartered Surveyors (RICS) and has worked within the Wigan property market for over 30 years. Alan Batt For more of Alan’s tips, guidance and analysis on the Wigan property market, check out his blog at www.alanbatt.co.uk
Selling in Wigan? We are achieving better prices and quicker sales in Wigan than other agents. Alan Batt 101% Better Prices* Agent B Agent C 98% 98% £ Better % 90 91 92 93 94 95 96 97 98 99 100 101 Alan Batt Agent D 21 days 26 days Faster Sales* 9 August 8 August 7 August Agent B 29 days Days 18 19 20 21 22 23 24 25 26 27 28 29 We do more to achieve more. Call us today on 01942 233 999 for a free valuation. *Source: www.ea4me.hoa.org.uk Actual Asking price vs Asking price & Average Sales Time May 2021 All WN postcode areas except WN7 (Leigh) Wigan Office 78 Market Street, Wigan WN1 1HX • 01942 233 999 www.alanbatt.co.uk
Page 1 and 2: LocalLife Wigan Edition August 2021
Page 3 and 4: 3 The ireplace Wigan INC The Stovep
Page 5 and 6: 5 This month’s highlights 70. Day
Page 7 and 8: 7 Improvements on Way Wigan Council
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Local Life - Wigan - August 2021

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