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
