Affordable home ownership

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%. At GOV.UK, you can find full details about shared ownership homes.

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 £400 you save, receive a government bonus of £100. The maximum government bonus you can receive each year is £1,000. Visit Lifetime ISA at GOV.UK for 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. At GOV.UK you can find further details at First Homes scheme: discounts for first-time buyers.

Housebuilders 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.

Social HomeBuy

Some 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 Acquire

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 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.

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 Rent to Buy: pay lower rent to save for a deposit - GOV.UK. Please contact the housing department at your local authority to see if this tenure is available.