Affordable homes to buy and rent

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property.

The purchaser pays a mortgage on the share they own and pays a subsidised rent on the remaining share. 

The purchaser only needs a mortgage for the share they are purchasing, so the amount of money required for a deposit is usually lower when compared to the amount that would be required when purchasing outright.

The purchaser has the option to increase their share during their time in the property via a process known as ‘staircasing’. In most cases you can staircase all the way to 100%. If you staircase to 100%, you will no longer pay any rent, only your mortgage along with any service charges and ground rent.

See GOV.UK – shared ownership homes: buying, improving and selling

See Hackney Sales – Shared Ownership

See Share to Buy – the home of Shared Ownership

Rentplus is a rent to buy scheme. The properties are managed by housing associations. 

Tenants are given a 5 year tenancy agreement set at 80% of market rent. At the end of the 5 year period the tenant is invited to purchase the property. The idea is that the scheme gives you time to save up the deposit and money to buy the property.

If you purchase the property then you receive a gifted deposit of 10% of the property’s market value.

If after 5 years you don’t purchase the property then your tenancy agreement can be renewed for another 5 years. You have up to 20 years to buy the property.

See Rentplus – your pathway to home ownership

The First Homes scheme allows first-time buyers to buy a home for 30% to 50% less than its market value. The home can be a:

• new home built by a developer
• home you buy from someone else who originally bought it as part of the scheme

See GOV.UK – First Homes scheme: discounts for first time buyers

Hackney Living rent is for people on middle incomes that wouldn’t normally qualify for social housing. Rents are calculated based on a third of average local incomes, meaning they’re lower than the market rent a private landlord would charge.

Living rent homes are aimed at private renters who are struggling to save for a deposit and want to build up savings to buy a home, or are simply looking for a more affordable option.

See Hackney Sales – Hackney Living Rent

This scheme allows you to rent a brand new or refurbished home for approximately 20 per cent less than the market rate.

See Share to Buy – Intermediate Rent