First Time Buyer Schemes - Nova

First Time Buyer Schemes

Property TV | Property Question Time – Ep 123 – First Time Buyer Schemes

Lucia France:                     Okay, great. Thank you, Stephen. We’ve just got time for one more question for Paul. So he, we have a question for Paul in Australia is I’m starting the process of looking for a property to buy as a first time buyer. I’m currently renting for me and my girlfriend, but we’re looking to buy a flat or apartment in Manchester. However, we’re finding that the majority of the properties on the market are marked up by to let only. Does this mean as a first time buyer looking for a flat to live in rather than rent out, we cannot put an offer in to buy it? I find it hard to believe that the seller would care if I go on to rent it or live in at once I own it. The money that we receive from the sale is the same regardless of my intentions with it afterwards. Furthermore, I cannot believe the government would have schemes for developers to sell their properties as buy to let only. This is really edging homeowners out of the market. By law, are they not able to sell that property as a regular residential purchase?

Paul Mahoney:                  Yeah. To be honest, that surprises me too. I know there are most definitely developments that are designed and built for the purpose of buy to let. There are quite a few PRS or public rental scheme, probably rental sector developments in Manchester which are for that purpose. But in general, from what I’ve seen, even those schemes will often sell to owner occupiers.

Perhaps as a first time buyer you’re looking to use one of the first time buyers schemes. You haven’t mentioned that but that might be the issue that you’re having because not all developments offer that. And some developments only offer it in very small portions so you might have already missed out by the time you look at it. So that might be part of your question perhaps.

But what I’d recommend is that you look a bit further afield perhaps. Or speak with speak with a property sourcing company or a property advisory company that again, perhaps has a bit more of an understanding of the broader market and what’s out there and what could work well for you and what you’re looking for.

So essentially just providing them with the criteria that the things that you need, and they can come back to you with some recommendations. So yeah, it does surprise me what you’ve said there. Perhaps it’s because you’re a first time buyer and you’re looking to use one of the first time buyer schemes. That makes a little bit more sense to me. If that’s the issue you’re having. But there are definitely some out there. So don’t give up, and either broaden your own search or seek some advice or guidance on what might work for you.

Lucia France:                     Okay. Paul, thanks very much from down there in Australia.

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