What is affordable housing?
Last Updated: 2 September 2020
Affordable housing is just like any other housing except that it is bought or rented at below market prices. We work with Developers and Housing Associations to provide affordable homes in the area.
Affordable housing to rent
We no longer own homes to rent. Social and affordable housing to rent is now mainly provided by Housing Associations (also known as Private Registered Providers of Social Housing)
Affordable housing to buy
On new property developments, the provision of affordable housing is agreed with us. The criteria for purchasing an affordable home is set in a legal document called a Section 106 Agreement. This agreement is unique to each property and remains attached to the property for it's lifetime, this ensures the property remains affordable for future purchasers.
The Section 106 Agreement also tells us how to calculate the affordable price and also what type of affordable housing scheme applies to that property. The main ones are; discount sale, shared ownership or shared equity. There are other government schemes which help people buy market price homes such as 'Help to Buy'.
How to apply
Once you have found an affordable property to buy, you can apply to be approved. The assessment criteria is based on the Section 106 terms and conditions specific to that property.
Further information is available about: