In accordance with local policy a percentage of the homes provided on this site will be classed as affordable housing.
This will ensure local people – from first-time buyers to families – can access high-quality housing, helping more residents stay close to the community they know and love.
Affordable housing is available to households who otherwise could not house themselves, for example, because they would struggle to afford the cost of housing in the open market, or they need a specific type of house which is not commonly available. Affordable housing can include:
Shared ownership
Shared ownership housing is provided through a Registered Housing Association and helps households who can afford a small mortgage, but that are not able to afford to buy a property outright.
To be eligible for a shared ownership property, the annual household income can be no more than £80,000 and applicants must be registered on the Home Buy Register.
It enables purchasers to buy a share between 10% and 75% of the home’s full market value and then pay rent to the landlord for the share they own.
Social rented housing
Social rented housing is owned by local authorities and Registered Providers, for which guideline target rents are determined through the national rent regime.
The rent is calculated using a set formula that takes into account the value of the property, the average earnings in the area and the number of bedrooms.
Social Rented properties are the most affordable tenure type, typically around 60% of an open market rent. Housing Benefit is available to qualifying households where they are unable to pay their Social Rent.
Intermediate Housing
Includes homes for rent and sale provided at a cost above social rent but below market levels.
Affordable Rent (Or intermediate rent) - is housing is let by Local Authorities or Registered Providers to households who are eligible for Social Rented housing. Affordable Rent is subject to rent controls that require a rent of no more than 80% of the local market rent.
Rent to Buy - You rent a newly built home at approximately 20% below the market rate for up to five years (exact period of time varies by property). During that time period, you have the option to buy the property or to buy part of the property under a Shared Ownership scheme. When you get to the end of the time period, you either have to buy part of the property or move out.