What is affordable housing?
What is affordable housing?
The Housing Strategy Team works in partnership with Registered Providers (Housing Associations) 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 rented accommodation to meet housing need. Different types of Intermediate Housing (Shared Ownership, Discount Market Sale) have also provided an opportunity for a small number of households to become owner-occupiers who would otherwise be unable to do.
The majority of social rented properties in the borough are managed by the Council and are allocated through Home Options Choice Based Lettings System.
A number of Registered Providers 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
Help to Buy
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 announced a variety of initiatives known as Help to Buy to assist first time buyers and those on lower incomes the ability to buy their own home.
- Help to Buy – Equity Loan
- Help to buy Mortgage Guarantee
For more information and the eligibility criteria for both these initiatives please visit the Help to Buy website for more information.
Shared ownership schemes (part buy/part rent) are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. You can buy bigger shares at a later stage when you can afford to- this is known as 'staircasing'.
In many cases it may be possible to staircase to 100% and own the property outright; however, on certain sites (especially in rural areas) staircasing may be restricted, for example to 80% ownership. This way, the Registered Provider retains ownership of a small percentage of the property, to ensure that the property continues to be available as affordable housing for the next buyer when you move on.
To buy a home through a shared ownership scheme in the High Peak you will need to contact Help to Buy Midlands directly.
Discount Market Sale
Properties are offered for sale to eligible purchasers at a discounted price of the full market value. For example, a £100,000 house with a 25% discount would be offered to eligible applicants for £75,000. This is not a shared ownership scheme and even though there is a discount on the sale price, the purchaser still owns 100% of the property. When you want to sell the property, you must do so on the same terms, which means you must sell it with the same level of discount you received and to someone who meets the criteria for affordable housing.
There is only a small number of this type of property in the High Peak. Barratt Homes are currently working to deliver 7 three bedroom homes for discount market sale. We are now accepting applications to be considered to purchase one of these properties as three are due for completion late August 2015. The application form and eligibility criteria are listed below along with FAQs .
The closing date for applications in the 17th July 2015
Last updated: 4th June 2015