Affordable housing is housing which is deemed affordable to those with a household income at or below the average as rated by the government. There are a number of types of affordable housing, which are accessed in different ways.
Social rented housing
Social rented housing is a lower-cost rented accommodation provided by the local authority and by registered housing providers. Any available properties are accessed through the housing register.
Affordable rented housing
Affordable rented housing is set at rent levels that are 80% (including service charges) of the local market rent for the area it is located within. This type of accommodation is provided by the local authority and by registered housing providers. Any available properties are accessed through the housing register.
Low cost home ownership
Low cost home ownership can include Shared Ownership, Shared Equity, Rent to Buy and Discounted Housing Sales. Any schemes offering these products will be advertised by the developer of the scheme and through the Help to Buy agent who you can register with. More details can be found on our low cost home ownership page.
First Homes are a specific kind of discounted market sale housing. Specifically, First Homes are discounted market sale properties which:
- must be discounted by a minimum of 30% against the market value
- are sold to a person or persons meeting the First Homes eligibility criteria
- on their first sale, will have a restriction registered on the title at HM Land Registry to ensure this discount (as a percentage of current market value) and certain other restrictions are passed on at each subsequent title transfer
- after the discount has been applied, the first sale must be at a price no higher than £250,000 (or £420,000 in Greater London).
First Homes are the government’s preferred discounted market tenure and should account for at least 25% of all affordable housing units delivered by developers through planning obligations. Own Your Home has more details about the First Homes scheme.
Any First Homes that are developed within the BCP area will be marketed by the developer, not through the council.