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.
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%. Full details are provided at GOV.UK
The scheme is available on some new build developments and on re-sales. You can search for these properties on GOV.UK, Rightmove and Share to Buy.
The Right to Shared Ownership scheme allows some tenants to buy a share of their rented home on shared ownership terms.
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 at GOV.UK.
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. You can check whether you are eligible for this scheme at GOV.UK.
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
First Homes are a new affordable home ownership product. First Homes are homes built by private house-builders and sold at a discount of at least 30% to eligible first-time buyers. The maximum discounted purchase price of a First Home at initial sale is £250,000. When a First Home is re-sold, it has to be sold to another first-time buyer at the same % discount. Further details are provided at GOV.UK.
Your local council can set additional eligibility criteria applying to potential buyers, ie a local connection to the area (live/work). A national annual household income cap of £80,000 applies unless the host local authority has adopted a lower, local household income cap. Please contact the housing department at your local authority for further information.
House-builders are responsible for marketing all First Homes provided on a new build site, so they should be your first point of contact. Re-sale First Homes will likely be marketed by a local estate agent. The house-builder or First Home homeowner, has to get the approval of the local authority before any sale can proceed.
Discounted Market Housing
Some local authorities offer Discounted Market Housing. Please contact the housing department at your local authority to see if this tenure is available.
Rent to Buy
Rent to Buy helps tenants save for a deposit to buy a home by offering properties to rent at a discount. This is normally 20% below market rent. For further details are provided at GOV.UK. Please contact the housing department at your local authority to see if this tenure is available.