Affordable Home Ownership

There are a number of Government backed affordable home ownership schemes available. This page provides an overview of those schemes along with links to websites where you can find out more information.

Help to Buy 

The Government created a range of Help to Buy products to assist those who otherwise wouldn't be able to get a foot on or up the housing ladder. See the Help to Buy website for our local agent, Radian

Whether you are looking to get onto the housing ladder or move up it, there are a number of Help to Buy products designed to make buying a home more affordable, including:

Shared ownership

Shared ownership is designed for those who cannot afford to purchase a property on the open market. This scheme allows you to purchase a percentage share of a property whilst renting the remaining share from the housing association selling the property. You can then choose to purchase further shares to increase your ownership of the property. In most cases, you can purchase all 100%.

This scheme can be available on new build developments and also re-sale properties which have previously been purchased through the scheme and now looking to be sold. You can search for these properties on the Help to Buy, Rightmove and Share to Buy websites.

Help to Buy Equity Loans

Equity loans are designed to help first time buyers purchase specific new-build properties from private housebuilders.

The Government lends you up to 20% of the cost of your home, so you'll only need to provide a 5% cash deposit and a 75% mortgage to make up the rest. You also will not be charged loan fees on the 20% loan for the first five years of owning your home.

The scheme is open until March 2023. . More information is available on the help to buy website.

Lifetime ISA

If you are saving to buy your first home, save money into a Lifetime ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive each year is £1,000. More information is available on the Lifetime Isa website.

Social HomeBuy

Some councils and housing associations offer Social HomeBuy, which allows you to buy a share of your council or housing association home and pay rent on the rest of it. Contact your social landlord to find out if they run the scheme and if you're eligible. More information is also available on the home buy service website.

Right to Buy and Right to Acquire

Council tenants who have held a secure tenancy for at least 5 years may be eligible to buy their home at a discount under the Right to Buy. You can check whether you are eligible for this scheme on the right to buy website. Some housing association tenants who have held a tenancy for at least 5 years may be eligible to buy their homes at a discount under the Right to Acquire. Check with your housing association to see if you're eligible.

The Government is piloting a voluntary Right to Buy for housing association tenants. Please contact your landlord if you would like more information.

First Homes

From 28 June 2021, First Homes have been introduced as a new affordable home ownership product. In the future, at least 25% of all new affordable homes provided on a development site, may be sold as First Homes.

First Homes are homes built by private housebuilders and sold at a discount of at least 30% to eligible first time buyers.  The maximum discounted purchase price of a First Home is £250,000. When a First Home is sold on again, the % discount always remains in place. This means new first time buyers will be helped to get on the housing ladder.  

Your local council can set additional eligibility criteria to apply to potential buyers, i.e. a local connection to the area (live/work) and a household income cap based on local wages (otherwise the national cap of £80,000 per year will apply).

Housebuilders will market all First Homes on their development sites, so they should be your first point of contact. You can also contact your local council’s housing enabling officer to see if any additional eligibility criteria has been set. The housebuilder has to get the local council’s approval before any sale can proceed.