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Affordable Housing - HomeBuy schemes (formerly known as shared ownership)

Whether you are a council or housing association tenant, key worker or first-time buyer there are a number of low cost home ownership schemes available to help you get on the property ladder.


Who is eligible for the various low cost home ownership schemes?

There are many different ways you can get assistance with buying a home if you cannot afford to buy outright on the open market. Each individual scheme will have its own criteria - so check the details of each scheme with your landlord or the relevant HomeBuy agent. You may be eligible if you are:

  • a council tenant
  • a housing association tenant
  • those who are on the housing register, waiting for a council or housing association home to rent
  • a key worker (e.g. teacher or nurse)
  • first-time buyers who can't afford to buy a property on the open market

 Types of schemes

These are offered by registered social landlords to give their tenants the chance to buy their rented home at a discount, which is calculated according to where you live. The three main discount schemes are 'Right to Buy' for council tenants, 'Right to Acquire' for housing associations tenants and the Social HomeBuy scheme. Follow the links below for more information on the schemes.

  • The Right to Buy scheme - help to buy your council home
  • Right to Acquire - help to buy your housing association home
  • Social HomeBuy - help to buy a share of your council or housing association home if your landlord if participating in the scheme

Cash Incentive Schemes

Your local authority may also run a cash incentive scheme where they offer you money to move to a smaller property, so that they can free up valuable housing stock. The details of the scheme vary from council to council, and not all councils offer the scheme. To find out more, contact the housing department of your local authority.

HomeBuy

The HomeBuy scheme, launched in April 2006, enables social tenants, key workers and other priority first time buyers to buy a share of a home and get a first step on the housing ladder. There are three HomeBuy products based on equity sharing to offer people a choice in the type of home they can buy. These are:

  • Social HomeBuy enables tenants of local authorities and housing associations to buy a share in their current home at a discount
  • New Build HomeBuy enables people to buy a share of a newly built property paying a rent on the remainder
  • Open Market HomeBuy enables people to buy a property on the open market with the help of an equity loan

 Priority is given to the following groups or individuals:

  • tenants of councils and housing associations, and those who are on the housing register, who are a priority for a council or housing association home to rent
  • key workers: those working in the public sector in health, education or community safety - such as teachers, nurses and police officers
  • First time buyers: households who can't afford to buy their own homes.

Interested applicants need to contact the relevant HomeBuy agent for their area for further information.

Tenants interested in the Social HomeBuy option are advised to contact their landlord to find out if the scheme is available to them.