Social HomeBuy
Social HomeBuy allows housing association and local authority tenants to buy their home on a shared ownership basis or outright, with the benefit of a discount
Social HomeBuy is open to housing association and council tenants whose landlord is participating in the scheme. Tenants usually buy their home on a shared ownership basis with a minimum share of 25 per cent, but you can also buy the property outright.
How the scheme works
The maximum discount available through Social HomeBuy varies from £9,000 to £16,000, depending on the location of the property. The value of the discount is linked to the local authority discount available for Right to Acquire and the size of the share that is being purchased. Discounts are also available on any subsequent shares purchased.
If the property is sold within five years, the discount is repayable. When the purchaser comes to sell their home, the landlord has the chance to buy the property back at market value or to nominate another purchaser.
List of successful social homebuy bidders PDF (11.7KB)
Eligibility criteria
The Social HomeBuy scheme is open to existing secure or assured tenants of participating housing associations and councils. The scheme is likely to be of interest to tenants who don’t qualify for Right to Buy or Right to Acquire or who are not currently in a position to buy their home outright.
Tenants facing legal action for anti-social behaviour or breaches of their tenancy agreement cannot take part in the scheme.
How to apply
Please contact your landlord to find out more about opportunities to participate in Social HomeBuy.
Last updated: 27 November 2009