Home > HomeBuy Schemes > The Social Home Buy Scheme

The Social Home Buy Scheme

By: Christine Whitfield BA (hons) - Updated: 14 Oct 2012 | comments*Discuss
 
Social Homebuy Housing Affordable

With the lack of affordable housing currently causing problems all across the UK the government has devised schemes to help potential buyers get on the property ladder. The schemes have been developed out of a necessity to help struggling first-time buyers and social tenants who would like to own their property.

With house prices rising at incredible levels over the last few years buying a property with a straightforward mortgage is becoming more and more difficult which is where the HomeBuy schemes come in.

One such scheme is the Social HomeBuy scheme.

The HomeBuy schemes were created to help those who cannot afford to buy a home in the current economic climate which, with extortionate house prices, includes much of the population.

The HomeBuy schemes include the NewBuild HomeBuy scheme, the Open Market HomeBuy scheme and the Social HomeBuy scheme. The latter aims to help social tenants who cannot afford to buy their rented home and who are not eligible to apply for the Right to Buy Scheme – another of the Governments house buying initiatives.

What is Social HomeBuy and How Does it Work?

A number of landlords participate in the Social HomeBuy scheme. If yours is one of these then you are able to buy a 25% minimum share of the property. The buyers are given a discount on the property which varies depending on the area the property is in.After buying the initial share the tenant/buyer can then buy more shares in the future. At present these future purchases do not include a discount but after April 2008 the discount will apply to all future shares purchased. The discounts vary between £9000 and £16,000.

Who offers Social HomeBuy?

The Social HomeBuy scheme should be offered by most landlords however the scheme is voluntary so landlords do not necessarily need to take part. The Government has tried to encourage all landlords to get involved in its attempt to help struggling first-time buyers to get on the property ladder.

Who is Eligible for Social HomeBuy?

Social HomeBuy is available for all existing tenants of housing associations or councils however this is only if the council or housing association is a participant in the scheme, and as participation is only voluntary this could be a problem.If the housing association or council is participating in the scheme then the tenant should not have any problems, unless that is they have faced or are facing legal action for breaching their tenant agreement.

How Do I Apply For The Social HomeBuy scheme?

If you are interested in buying a share of your rented property through the Social HomeBuy scheme you must first find out whether your housing association or local council is participating in the scheme. With the Government encouraging all landlords to take part it is hoped most housing associations and councils will be participating soon. Once you have checked that yours is you need to contact them and inform them of your interest in the scheme. They will then tell you the next necessary steps to take.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Latest Comments
  • AffordableHomeAdvice
    Re: Buying Your Council House
    jules - Your Question:I have been told that if you have lived as a council tenant for 20 years you are entitled to 70% of the total…
    20 November 2017
  • jules
    Re: Buying Your Council House
    I have been told that if you have lived as a council tenant for 20 years you are entitled to 70% of the total house price, is this…
    19 November 2017
  • Jobeeny
    Re: Questionnaire: Am I Eligible for Housing Benefit?
    I was claiming housing benefit as i was on a low income. I decided to work some cover work and even…
    10 November 2017
  • AffordableHomeAdvice
    Re: Buying Your Council House
    Fred - Your Question:My son and my brother want to buy my mums council house is this possible and neither are in the tenancy?
    10 November 2017
  • Fred
    Re: Buying Your Council House
    My son and my brother want to buy my mums council house is this possible and neither are in the tenancy?
    7 November 2017
  • Sue
    Re: Are You Classed as a Key Worker?
    Hi I am part time nurse in NHS am I suitable for key worker scheme
    7 November 2017
  • jamiam
    Re: The Right to Buy Scheme
    Hi i am looking at buying my council property, the tenancy is just in my name, but wanted to get a joint mortgage with my partner but im…
    3 November 2017
  • Jude
    Re: Are You Classed as a Key Worker?
    I am a sixth form supervisor in a college . Am I a key worker?
    1 November 2017
  • Tray13
    Re: The Right to Acquire Scheme
    Hi I've been told by my housing trust that I can purchase the property under the right to acquire, not right to buy scheme. I moved…
    29 October 2017
  • Mitch
    Re: Are You Classed as a Key Worker?
    I am working as An Associate Praxtitioner in NHS, am I eligible for key worker?
    27 October 2017
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the AffordableHomeAdvice website. Please read our Disclaimer.