Affordable home ownership
If you are in housing need and require advice or have any queries around affordable homes for rent please register for Home Options.
The following link provides information on how to register to join Home Options.
The following information only relates to Affordable Home Ownership for applicants who are able to secure a mortgage.
If you would like to purchase a home of your own but cannot afford to buy on the open market, there may be other ways to access affordable homes across Broadland and South Norfolk districts.
These are discounted affordable homes and have been delivered in a range of tenures. The most common routes into affordable home ownership include the following: -
Shared ownership
Shared Ownership (part buy, part rent) is one of the common routes into affordable home ownership and will be delivered direct by the relevant Housing Association (not the Council).
Shared ownership properties are part owned and part rented by you and a housing association. The housing association sells you a share in the property, ranging anywhere from between 10% and 75%. You will then pay rent on the remaining share. At a later stage you may be able to purchase additional shares in the property – this is called staircasing.
The attached documents provide information on schemes within the districts where new build shared ownership homes are expected, and which housing association will be delivering them.
For any Shared Ownership within Broadland and South Norfolk you will need to apply direct to the relevant Housing Association selling the property.
The Share to Buy website provides further information around Shared Ownership and allows searching in a specific area for new build homes and also further information on eligibility for this affordable housing tenure. You can also find out more about Shared Ownership on the Government website.
Find out more about Broadland schemes here
Find out more about South Norfolk schemes here
So please note for any Shared Ownership within Broadland and South Norfolk you will need to apply direct to the relevant Housing Association selling the property.
In addition The Share to Buy website provides further information around Shared Ownership and allows searching in a specific area for new build homes and also further information on eligibility for this affordable housing tenure. You can also find out more about Shared Ownership on the Government website.
Other affordable home ownership (AHO) tenures
Shared equity
Shared Equity homes are usually only offered by Housing Associations.
The purchaser would usually buy an initial equity share at 75% of the property value with a nominal ground rent to pay on the remaining equity.
The Housing Association holds the remaining 25% equity with potential (but no obligation) for the lessee to ‘staircase’ to full ownership, usually after 5 years.
Discounted market sale
This affordable home ownership product has previously been offered across both districts. Where available as re-sales, these discounted homes continue to be sold at 75 to 87.5% of market value.
Eligibility criteria apply for Discounted Market Sale homes including purchasers needing prior approval from the Council before they commit to buying an affordable home.
There is also a specified re-sale process for Discounted Market Sales which is shown on the attached Guidance Sheet (Broadland). Vendors are advised to contact the relevant Housing Enabling Officer at the Councils for re-sale guidance prior to commencing marketing.
See above PDF for the DMS and First Homes resale guidance for vendors.
First homes (Pilot scheme ONLY)
As part of a trial scheme, which has now ended, a small number of First Homes were built and sold within Broadland and South Norfolk under the Homes England “First Homes” pilot scheme.
These Pilot schemes have now ended, and no further First Homes are currently expected within either district.
If you are a current First Home owner under the pilot scheme, please see the attached DMS and First Homes guidance around the re-sale requirements.
Please contact the Council in the first instance around any queries relating to the First Homes sold under the Homes England pilot scheme..