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The Department for Levelling Up, Housing and Communities’ (DLUHC) First Homes Scheme is to be the first government-backed initiative to use Digital Property Logbooks in the UK. This new initiative comes after a year of planning work between DLUCH and the Residential Logbook Association (RLBA) and is one of the outcomes from the DLUCH review of the early First Homes trials.
The First Homes scheme is promoted by Homes England and is administered, through DLUCH, by Local Authorities. It is centered on new-build housing and seeks to get up to 25% of any new development set aside for key workers and local first-time buyers who can access properties at a significant discount. DLUCH is targeting 15,000 First Homes purchases a year when the scheme rolls out fully.
The new initiative is designed to help local first-time buyers and key workers onto the property ladder, by offering homes at a discount of at least 30% compared to the market price. In some areas the discount could be as high as 50%, providing even greater savings.
DLUHC have been working with the RLBA over the last year to design the process whereby Logbooks can be attached to all First Home properties. The agreed process enables them to be set up when Planning approval is given and be and populated with data from Building Developers. Under the proposed scheme, Logbooks will be paid for by the developers who will take ownership of them at the same time as picking up the keys for their new home.
The First Home Logbooks are being configured to contain key information on eligibility criteria and constraints of the First Homes scheme. The Logbooks will be provided centrally by the RLBA at the beginning of the development process and will be automatically lodged with the RLBA Register of Logbooks on completion. The registration of Logbooks for buyers and ensuring their transfer will follow the process that RLBA Logbooks currently follow with conveyancers issuing logbooks on completion.
A key function of the RLBA Register will be helping Local Authorities maintain the integrity of the First Homes Scheme once a property comes back on the market and is re-sold. The Register will monitor the status of developments and will be able to report on the progress of a property from the planning permission stage, through development, marketing and sale. Participating Local Authorities will receive reports and notifications via the RLBA Register.
RLBA spokesperson Simon Lumb, who is MD of Logbook company National Deeds Depository, said: “This first initiative is a significant first step in establishing Logbooks for all properties in the UK. In a week when we have seen Logbooks made compulsory for all new homes in France, the First Homes Logbook scheme is the first step for the UK and establishes a Logbook relationship with both Local Authorities and developers.”
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