What is affordable housing?

What is affordable housing?

The Housing Strategy Team works in partnership with registered social landlords and the Homes and Communities Agency to enable the development of affordable housing in the Borough.

At High Peak, we try to provide more affordable housing in two ways – through our Planning Policy and through the provision of Government grants.

Based on the Housing Needs Survey, the council has predominantly supported the delivery of social rented accommodation to meet housing need. Different types of Low Cost Home Ownership (LCHO) have also provided an opportunity for a small number of households to become owner-occupiers who would otherwise be unable to do.

Social/Affordable rent

The majority of social rented properties in the borough are managed by High Peak Community Housing on behalf of the Council and are allocated through Home Options Choice Based Lettings System.

A number of Housing Associations still operate their own housing register and you can apply directly to them, although most social housing in High Peak is let through the Home Options Choice Based Lettings Scheme.

Low Cost Home Ownership options

There are different Low Cost Home Ownership schemes available to help people access home ownership even though they cannot afford to purchase a property outright on the open market

The government has appointed Homebuy Agents to assist people in the Derbyshire to buy a home of their own through one of the Low Cost Home Ownership schemes.

The agent for the High Peak area is East Midlands HomeBuy and their aim is to help you, by providing a one stop shop giving you advice and information on properties available, discussing your eligibility and issuing you with the relevant application form and processing your application.

The following schemes are available in the High Peak area:

  • Shared Ownership: part buy, part rent your home
  • First Buy: A new equity scheme to help first time buyers purchase a new home on selected developments throughout the East Midlands. You buy a minimum of 80% the remaining share is provided as an equity loan
  • Developer Shared Equity Schemes: Some developers have their own schemes to assist you to purchase one of their properties. With these schemes you will own 100% of the property but only take a mortgage for a set percentage, in most instances this will be 80% to 90% of the market value. The developer will then take a second charge on the property, for the remaining share. The equity share held by the developer will have to be paid back within a set period of time, this differs from one developer to another, or when you decide to move, which ever happens the sooner.
  • New Build HomeBuy: buying part and renting the rest of a new property
  • Re-sales: assistance re-selling your shared ownership property
  • Discounted Sale

For more information please contact EMHomeBuy directly on 0844 8920112 or email or visit their website.

Last updated: 2nd June 2014

Can't find what you are looking for? Try the A to Z