Affordable housing is for those people who cannot afford to buy or rent a home on the open market. There are 2 main forms of affordable housing: Rented Affordable Housing and Shared Ownership.
Rented Affordable Housing is usually owned and managed by the Council or a Housing Association (sometimes called a Registered Provider). Social Rent is charged for most Council homes, while Affordable Rent is charged for new Council homes and many Housing Association homes. To be considered for a property, you will need to be on the Council’s Housing Register or apply direct to the relevant Housing Association.
Shared ownership – sometimes called Part Rent, Part Buy – helps people who cannot afford to buy a property outright with a mortgage, to get onto the housing ladder. You buy a part-share in a property, normally with a mortgage, and also pay rent to the Housing Association for the remainder that you don’t own. You start by buying between 25% - 75% but can normally increase your share in future, if you can afford to. The bigger percentage you own, the less rent you pay to the Housing Association. For more information contact our Housing Needs Team or Help to Buy Midlands.