Affordable housing is for people who do not earn enough to afford to rent or buy a home at market prices.
There are a number of types of affordable housing, which are accessed in different ways.
Social rented housing
Social rented housing is a lower-cost rented accommodation provided by the local authority and by registered housing providers. These properties are listed on the housing register.
Affordable rented housing
Affordable rented housing is set at rent levels that are 80% (including service charges) of the local market rent for the area. This type of housing is provided by us and by registered housing providers. These properties are also listed on the housing register.
Low cost home ownership
Low cost home ownership can include: Shared Ownership, Shared Equity and Discounted Housing Sales. Any schemes offering these homes will be advertised by the developer.
First Homes
First Homes are discounted market sale properties which:
- must be discounted by a minimum of 30% against the market value
- are sold to those who are eligible based on First Homes criteria
- on their first sale, will have a restriction registered on the title at HM Land Registry to make sure this discount (as a percentage of current market value) and certain other restrictions are passed on at each subsequent title transfer
- after the discount has been applied, the first sale must be at a price no higher than £250,000 (or £420,000 in Greater London)
Any First Homes that are developed within our area will be advertised by the developer.