House hunters in Stockport could find that they are in for a helping hand that could see them receive a 20% discount on their first home. That is the good news that comes from the Government with the launch of their Starter Homes Schemes which is being set up in 30 local authorities across the country. The only bad news is that the scheme is limited to first-time buyers who are aged between 23 and 40 years old and that the scheme isn’t likely to come into effect until 2018.
Mind you, with that incentive in front of people, there may be a few Stockport residents, or people who like the idea of living in Stockport creating a new plan to save money and hone in on their property ambitions over the next 12 months or so.
The scheme should provide a helping hand for first time buyers
The scheme is designed to help people buy a new build home at a more affordable rate. It is not as if the scheme is an entirely new one, it was first brought to light in 2014 by the former Chancellor George Osborne.
For people looking to buy in the Stockport area, new build properties up to the value of £250,000 will be considered eligible for the scheme. This is the case for the whole of the country apart from London where the scheme in the capital is for properties up to the value of £450,000. It may be slightly unfair to separate London from all other areas but given the unique nature of the property market in the English capital, it would be difficult to put up too much of an argument against the scheme being operated in this manner.
What the discount means is that property buyers in London can receive up to £90,000 off the cost of a new home while in the other parts of the country, including Stockport, the discount could be worth up to £50,000. It has to be said that this is a big incentive for many people and we will hopefully see many first time buyers emerging in the local area when the scheme comes into operation.
At Spencer Harvey, we are Stockport property professionals with considerable experience and expertise in the local area. Anyone who wants to learn more about this scheme or how they can position themselves to move onto the property market in the future should get in touch. We are always happy to offer advice about the Stockport and Greater Manchester property market so when you need guidance about property, we are the local experts to trust. This scheme is sure to be popular so start planning now to make the most of the offer.