What is New Build HomeBuy and how does it work?

Homes are sold as leasehold properties on shared ownership terms – they can be flats or houses. The minimum share you can purchase is 25%, and 75% is the usual maximum. You will need to be able raise a mortgage for the share you want to purchase, and you will pay rent on the share you don’t own. Rents are calculated to be affordable.

As you become able to afford it, you can buy additional shares until own 100%. This is known as ‘staircasing’. When you want to sell the property you can sell the share you own to another household nominated by your landlord or you can staircase to 100% and sell it in the normal fashion.

However, your landlord may want to buy the property back from you to offer to other households who want to enjoy low-cost home ownership. They will tell you if they want to do this when you tell them that you want to sell. The property is sold at market value and you will benefit from any equity which has built up on the share that you own.

Who is eligible and what are the selection criteria?

All key workers, existing social housing tenants and those in priority housing need.

Special features

Where a person has been able to buy a shared ownership property because they are a key worker and then changes to a job where they can no longer be considered a key worker, they have five years to buy the property outright or to sell it, either to someone of their choice or back to the housing association.