Affordable housing to buy – New-build homebuy or Discounted Ownership.
New-build homebuy offers an excellent way into homeownership – if you’re unable to afford to purchase a property outright, you can part-buy and part-rent your home.
You can choose to buy a 25%, 50% or 75% share in your home. You pay rent on the share you don’t buy, and the rent is usually set at an affordable level of 2.75%. Its simple – the bigger share you own, the less rent you pay. Some schemes enable you to increase your ownership – this is called staircasing.
Discounted Ownership (DS) model allows you to buy 100% of a property, but at a substantial discount off the open market value. The sale administration is usually undertaken by a registered provider. The buyer obtains a mortgage for the discounted price but doesn’t pay rent on the remainder. If you buy a discount sale home you can’t purchase any shares in the property as it’s a ‘fixed equity’ home.
When you sell your home, you’ll have to sell it at the same discount percentage at which you bought it. When you want to sell you must notify the registered provider that manages your home. Your home must be sold to someone who is unable to afford a home on the open market.
Affordable housing for rent by local people – These are rented homes owned by registered providers and local authorities. This type of housing is let at a low rent on a secure basis to those in housing need. The social housing sector is governed by a strict system of control to ensure rents are kept affordable.
Self-Build – Self builds are projects where the person directly organises the design and construction of their new home themselves. This can cover a wide range of projects, from a traditional ‘DIY self build’ home, where the builder selects the design they want and then does much of the actual construction work themselves, to projects where the builder arranges for an architect/contractor to build their home for them; and those projects that are delivered by kit home companies (where the builder still has to find the plot, arrange for the slab to be installed and then has to organise the kit home company to build the property for them).
Entry level housing to buy – First time or starter homes
Entry level housing to rent – First time renters.
Key worker to buy – A key worker is a public sector employee who is considered to provide an essential service. The term is often used in the United Kingdom in the context of those essential workers who may find it difficult to buy property in the area where they work.
Key worker to rent– A key worker is a public sector employee who is considered to provide an essential service. The term is often used in the United Kingdom in the context of those essential workers who may find it difficult to rent property in the area where they work.
Local Connection – Shropshire Council define this as prospective occupiers who satisfy at least two of the following criteria for at least one of the adult members of the household:
- Their parents were permanently resident in the local area at the time of the applicant’s birth;
- They were in permanent residence in the local area for any period of five years as a child attending a local school, (or who for special reasons attended a school outside of the local area but would have been expected to attend a local school but for those special reasons);
- They are currently lawfully resident in the local area and have lived there for at least the previous 3 years (5 years in the case of applicants seeking to utilise the ‘single plot exception site scheme);
- They don’t currently live in the local area but have previously lived there at some point for 15 continuous years as an adult;
- They are currently employed or routinely carry out self-employed work within either the local area or 5km of the site;
- They have a confirmed written offer of permanent work within either the local area or 5km of the site;
- They can demonstrate active community involvement in the local area sustained for at least the previous 2 years; or are determined by the Parish Council as having some other form of strong connection with the local community and/or its hinterland.
- Their parents currently live in the local area; or another close family member who provides or requires a substantial degree of support currently lives in the local area;
- If over 55, they have a close family member currently living in the local area