Affordable home ownership schemes are vital, providing crucial ways for individuals to enter the property market. These government initiatives allow individuals to gain housing stability through structured housing opportunities.
According to government figures, 71 per cent of government new build properties were part of the Affordable Homes Programme during the period 2022-2023 (AHP). With high demand for such properties, let’s take a look at some of the schemes available.
Shared Ownership Scheme
In the UK, the Shared Ownership Scheme enables individuals to purchase a share of a property. Shares are usually between 25 per cent and 75 per cent, with individuals paying rent on the remaining portion.
Over time, homeowners have the option to increase their share. This is helpful for those considering entering the housing market with full ownership of a property.
If you are considering purchasing a home, it is a good idea to get a homebuyers survey. A homebuyers survey cost varies, with more information available from companies such as https://www.samconveyancing.co.uk/news/house-survey/homebuyers-survey-cost-9958.
Buying your council house
Known as Right to Buy, this scheme allows most council tenants to buy their council home at a discounted rate. This approach not only empowers tenants by fostering a sense of ownership but also injects vitality into the property market by redistributing council-owned assets. Rules vary for Wales, Scotland and Northern Ireland.
Housing association property
Similar to purchasing your council house, buying a housing association property can be done through a scheme known as Right to Acquire. Eligibility requirements apply and if the criteria are met, the scheme allows individuals living in properties managed by housing associations to purchase their property at a discounted rate. Individuals are not eligible if they have been made bankrupt in the past or have been asked to leave their home.