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

[@joline2730]

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]

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 😉

[@sarahfaithfk888]

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

[@panidbabesz]

Congratulations on the new baby!

[@SelfInvested]

thanks, Panid 🙏🏿

[@jamilac8633]

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]

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

[@nishiu123]

Congratulations on the new addition to your family!!🥰

[@SelfInvested]

Thank you so much 😀

[@Leo_Lise]

Congratulations on the new addition to your family 🥰

[@SelfInvested]

Thank you IssaLeo! ☺️

[@PurpleTT99]

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

[@SelfInvested]

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

[@tlmemes6716]

Congratulations dear.Thank you making out the time.

[@SelfInvested]

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

[@GD_02]

Congratulations blessings to you and the family 🙏🏾

[@SelfInvested]

Thank you Dee! 🙏🏿

[@LeeEverittProperty]

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

[@SelfInvested]

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

[@noorur]

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

[@SelfInvested]

Thank you, Noorur! I appreciate the comment 🙏🏿

[@praveennair1]

Congratulations Lem! Your vids are still quality :)

[@SelfInvested]

Thank you, 1000! Glad you liked it :)

[@praveennair1]

@@SelfInvested Hehe thanks

[@TheWellnessAbbey]

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

[@SelfInvested]

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

[@oliviathe0wl]

Congrats!!!

[@SelfInvested]

Thank you! ☺️

[@natalieb2738]

Congratulations

[@SelfInvested]

Thank you Natalie! :)

[@Lilli99911]

Congratulations, and very informative video.

[@SelfInvested]

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

[@Lilli99911]

@@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]

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

[@rayhan15243]

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

[@SelfInvested]

It does! Hopefully it works well in practice!!

[@2000abbey]

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]

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!

[@PresentingReality]

Congratulations ❤️.

[@SelfInvested]

Thank you! :)

[@iffatiqbal786]

Congratulations, another great video!

[@SelfInvested]

Thanks, Iffy! x

[@MissNature2023]

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

[@SelfInvested]

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

[@SelfInvested]

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

[@---re9jc]

Congratulations! 🤰🏿🤱🏾

[@SelfInvested]

Thank you! 👶🏿

[@caitlinnixon5293]

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]

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!

[@michaelting5133]

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]

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.

[@aaronflanagan8340]

Great Video! When is the scheme coming to London?

[@SelfInvested]

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

[@veronicaserwaahboateng]

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]

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

[@veronicaserwaahboateng]

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

[@rosemartine8674]

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

[@SelfInvested]

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

[@dvdsbl]

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]

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...

[@millwallfan06]

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]

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

[@TheWellnessAbbey]

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]

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]

@@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!

[@YoDefend]

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

[@SelfInvested]

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

[@aayohfaran8116]

Is there any news on RTB for housing association tenants? Many thanks

[@SelfInvested]

No major update yet, but my next video (non-interview video) will probably be on this subject ;)

[@aayohfaran8116]

@@SelfInvested thanks. Will be very much appreciated because a lot of us find ourselves in a dilemma. Do we stick or twist?

[@SelfInvested]

@@aayohfaran8116 Depends how long you’re willing to wait… I think it will happen… The question is when…

[@aayohfaran8116]

@@SelfInvested in your worst case scenario, when do you think it will be offered? Many thanks

[@SelfInvested]

@@aayohfaran8116 Worst case scenario is never, but I think it will happen, I don’t have a clue when

[@ionuthulea799]

8 months later and still no signs of these houses

[@SelfInvested]

If you’re in London, you’ll be waiting until next year at the earliest, possibly longer. I did say in the video…

[@chubbychuky]

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]

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]

@@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]

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

[@martinthain7881]

Congrats!

[@SelfInvested]

Thanks, Martin!