First time buyers – what to expect in 2023

After nine years, the Help to Buy scheme is coming to an end. With the application deadline  having already passed – the attention for first time buyers now turns to the available  alternatives. 361,075 homes were bought with a Help to Buy equity loan between April 1st,  2013, and March 31st, 2022 – a £22.5 billion hole left to be filled by alternative schemes. So, what other schemes are out there and available to help first-time buyers get onto the property ladder? 

First Homes Scheme: First launched in June 2021, the  First Homes scheme is an initiative  involving first-time buyers, key  workers and local people. The  scheme allows those who fit the  criteria to purchase a new build  property at a 30-50% discount  to the market value. When said  buyers eventually decide to sell,  that discount is passed onto the  next buyer as well to encourage a  continuing chain of opportunity for  first-time buyers to buy affordable  homes. The scheme is still in its  infancy with only a handful of  developments currently available.  However, with the end of Help to  Buy almost upon us – First Homes  could see an increase in both  availability and popularity as we head  into 2023 and beyond. 

Shared Ownership:  Similarly to Help to Buy, Shared Ownership is a government scheme  that allows prospective buyers to  purchase a share of a property from  a housing association and pay rent  on the rest. As long as the share  being purchased is between 25% and  75% of a home’s full market value,  shared ownership could be a viable  option for first-time buyers looking  to purchase a home. Proportionate  amounts of rent and mortgage  repayments relating to the split of  the ownership are paid to make the  monthly payments manageable.  Further shares of the home can be  bought later down the line (known as  staircasing) which would see the rent  decrease as the landlord owns less of  the overall property.  

Lifetime ISA:  On top of the schemes still available  to help you buy a home, there are  also government initiatives to help  you save for one. When saving for  a deposit for your first home, using  a Lifetime ISA enables you to save  £4,000 a year of your own money.  The Government then add 25% of  whatever you save for that tax year  – meaning you could gain up to  £1,000 extra every year. The money  must then be used to either buy your  first home or to fund your retirement. Although the Help to Buy scheme  is now coming to an end and there  are no direct replacements as of yet,  there are still initiatives in place to  help you get on the ladder. If you’re  considering buying your first home,  contact your adviser to discuss the  options available to you 

 If you’d like to discuss the options available to you, contact your adviser today. 

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