Buying an affordable home

Introduction

There are a number of options available for Homeownership across Somerset area. These include:

• Shared Ownership
• Discounted Open Market
• First Homes

Details of upcoming developments can be found on Homefinder Somerset – Homes Coming Soon

Discounted open market housing

Discounted open market housing is housing provided by the developer at a discount to the full market value. The discount will be tied to a planning legal agreement, for example Section 106, and will remain on the property for future sales. The buyer owns the whole of the property, there is no third party. This form of ownership is aimed at those people who can afford to buy but not at full market value. Eligibility criteria apply to each property.

Discounted open market properties are usually advertised with local estate agents and on online estate agency sites such as Rightmove.

As discounted open-market housing is tied to a planning legal agreement, for example Section 106, the council will need to assess the eligibility of the buyer before a sale can be agreed.

For further information about the Discounted Open Market process please contact us on affordablehousing@somerset.gov.uk

Discounted Open Market Policy

PDF, 137KB

How to sell a Discounted Open Market Property

PDF, 133KB

List of Evidence to be eligible for low-cost homeownership

PDF, 47KB

Shared ownership

With shared ownership you can buy a share in your home and then pay an affordable, subsidised rent on the remaining share. You can take out a mortgage to buy your share or pay for it with savings. You’ll also need to pay a deposit, usually between 5% and 10% of the share you’re buying. Shared ownership properties can be newly built or available to purchase at re-sale. Eligibility criteria apply to each property.

For more information and to find out how to apply please visit How shared ownership works – GOV.UK

First Homes

First Homes are a type of discounted market sale housing. First homes are discounted by a minimum of 30% and are sold to people who meet the eligibility criteria. For more information on first homes please visit First Homes – GOV.UK

Own Your Home is a government website that provides a useful online tool to assist potential home buyers to find an appropriate low-cost home in England, there are links to sources of information on home ownership in the rest of the UK. Visit Own Your Home