These properties are sold at below market value, usually at a discount of between 20% and 50%. You buy the property at a discounted price and own the entire property. Unlike shared ownership, you do not have to pay rent on the remaining share of the property, as there is no remaining share.
When you come to sell the discounted property, the saving is passed on to the next buyer so that the property remains affordable. For example, if you pay £80,000 for an affordable property worth £100,000 and it rises in value to £110,000 by the time you sell it, the 20% discount would be passed on and you could sell it for £88,000. Often, these homes are advertised in the same place as the Shared Ownership homes on the Homes in Hants website. Other times, they are advertised by the developer for that site.
There is no register to join if you are interested in discounted sales. They are usually allocated on a first-come-first-served basis to purchasers who meet the criteria set out in the legal agreement relating to the property.
Details on affordable homes for low cost home ownership and other intermediate housing solutions can be found through the Help to Buy South website or telephone 023 8062 8004.
If you require any further information, please contact:
The Housing Development Officer
Telephone: 01264 368000
|helptobuysouth.co.uk||Help to Buy South|