This scheme is similar to Right to Buy and Right to Acquire, and applies to social housing tenants who either don’t qualify for these schemes or who cannot afford to buy their home outright.
Social HomeBuy enables tenants to buy their current home either outright or buy a percentage of the property on a shared-ownership basis. The minimum share is 25% and discounts of between £9,000 and £16,000 are available, depending on the location and the percentage bought.
Discounts are only given on the initial share purchased, so tenants are encouraged to purchase as large a share as possible.
If the property is sold within five years, the discount is repayable.
Am I eligible?
Existing secure or assured tenants of participating housing associations or councils are eligible. Tenants who are facing legal action for anti-social behaviour or breaches of their tenancy agreement cannot take part.
For more information contact your existing landlord direct, or visit the Housing Corporation’s website.
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