What Is A First-Time Buyer

Am I A First-Time Buyer?

In England, a first-time buyer is someone who is buying a new build house, existing house or another type of residential property for the very first time. To put it simply, this means that they have never owned or had a significant stake in any kind of residential property, either in the UK or abroad.

If you meet the criteria as a first-time buyer, you will also qualify for various financial incentives designed to support you at the beginning of your journey into property ownership.

There is a wealth of additional advice online and through the government's official website regarding the process of purchasing your first property, but rest assured, it’s not as overwhelming as you may think.

Once you’ve qualified as a “first-time buyer” it’s probably worth exploring some of the benefits, of which there are many. 

Some of the incentives that are available include not having to pay Stamp Duty Land Tax (SDLT), as well as more recent government-supported programs like the First Homes scheme.

 

Quicker process

When a seller is given approval for a desirable new property, their primary objective is to quickly sell their current home. The sooner they can sell their current home, the sooner they can move into their new residence.

For a person/people buying a property for the first time, the guarantee that they do not depend on the sale of another property is extremely reassuring. It reduces a considerable amount of stress related to moving and simplifies what could be a typically lengthy process.

 

Financial

You may have a variety of financing options available to you as well, and just because you aren’t able to put down a large deposit, doesn't mean that you can't buy your dream home.

As previously mentioned, one possibility is the opportunity to avoid paying stamp duty on properties below a certain price, which is open to anyone buying their first home. The specific details of this exemption may change from time to time, but our team can explain the current government policy on stamp duty for first-time buyers.

 

The First Homes scheme 

One big benefit of this scheme is that the discount continues into the future.

First Homes is designed to help local first-time buyers and key workers onto the property ladder offering them homes at a discount of at least 30% compared to the market price. In some areas, the discount could be as high as 50%.

The discounts will apply to the homes forever, meaning that generations of new buyers and the local community will benefit each time the property is sold.

So, some food for thought before you think about buying your new house.

As always, if you’re a first-time buyer and require any additional advice, or would like more information about one of our homes, then get in touch with a member of our team today, we’d love to hear from you.