First Dibs is a voluntary commitment from housing providers and housebuilders to ensure that new, lower-cost homes in London are marketed and sold exclusively to Londoners and UK-based buyers first.
The scheme involves organisations committing to the following:
Sales and marketing of all new build market properties in London (valued at £350,000 or less) to be restricted to UK residents in the first three months of availability.
Within the first month of marketing, homes available from some of the organisations that have agreed to First Dibs will be exclusively available for Londoners first.
An additional ‘head start’ of up to one month to be available for Londoners, during which only those living or working in the capital will be able to purchase new properties valued at £350,000 or below.
First Dibs may also be available alongside homes being marketed via the Help to Buy scheme in London.