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

(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • TINA
    Re: Finding an Affordable Mortgage When Disabled
    I high pip and esa As well and I loved to get a mortgage for me x family so I am going to look in to it
    16 May 2019
  • Sophie
    Re: Are You Classed as a Key Worker?
    I work for a private neurological holy cross hospital in Surrey as a healthcare assistant. Would I qualify as a key worker ?
    11 May 2019
  • The finder
    Re: Are You Classed as a Key Worker?
    I am assisting a Home Office worker (Immigration department in Croydon Lunar House), find accommodation. Would she be…
    8 May 2019
  • JOHN
    Re: Buying Your Council House
    3 May 2019
  • Katie
    Re: Are You Classed as a Key Worker?
    Are carers working for an agency eligible to apply? Thx!
    1 May 2019
  • Lisa
    Re: The Open Market Home Buy Scheme
    At risk of being homeless fed off keep moving myself and my daughter have been unwell due to the stress this has been going on…
    30 April 2019
  • Nic
    Re: The Right to Acquire Scheme
    We was told 2 years ago we had the right to acquire with paper work from our HA 2 years later all checks was done and we don't have…
    25 April 2019
  • Ellie
    Re: Buying Your Council House
    When Margaret Thatcher set out her Right To Buy Policy and many tenants realised they could make a quick buck, no one could fore see…
    18 April 2019
  • Lisa
    Re: Buying Your Council House
    Me and my husband want to buy our council house but hes not on the tenancy?...can we still buy as hes the main earner as joint…
    13 April 2019
  • Saeideh
    Re: Low Income Housing
    Hi, I and my husband have 2 children and we live in a share tenant 3 beds house. we live in the same room with our kids and I am pregnant…
    10 April 2019