Low Cost Home Ownership


This topic is for anyone looking for a chance to buy a property at a reduced cost.

Welsh Assembly's Homebuy Scheme


The Welsh Assembly's Homebuy scheme can help people to buy a suitable home when they couldn't afford to buy without assistance. It is operated by Registered Social Landlords (housing associations) but is only available where the local council decides that it is a good use of public funds.


It is intended to help people who would otherwise need social housing (Council or housing association) for rent. It is not intended for people who can afford to buy a suitable home without assistance or those who are in suitable housing but who wish to move to a more expensive location.


Where the scheme is available an RSL can provide an 'equity loan' for an agreed percentage (usually 30% but up to 50% in some areas) of the purchase price. The purchaser finds the money for the balance, usually through a mortgage and savings. No interest is paid on the loan, but when the loan is repaid the amount repayable will be the same agreed percentage of the value of the property at that time. The loan can be repaid at any time but must be repaid when the property is sold.


If you click the picture to the right you will be able to read a guide for Homebuy applicants that gives you more information:


Shared Ownership

Shared ownership allows purchasers to buy a share of a house and rent the remaining share, through a shared ownership lease.  Over time, owners can buy additional shares in the house (known as staircasing) and eventually move to full ownership of the freehold.


The Homebuy scheme in Wales (see above), since its introduction in 1995/6 has largely replaced shared ownership, which is not currently being supported by government grants. However, people who have bought shared ownership in the past are usually able to 'resell' their shared ownership interest, and so there are chances to buy into this low cost purchasing option from time to time. Landlords with shared ownership homes in management will have details of any 'resales' that are available and may maintain lists of people who are interested.



If you click this link you can find out about housing associations operating in the area that you want to live - and you can ask them if they maintain a Shared Ownership waiting list:



Buying the home you live in


The Right to Buy and the Right to Acquire offer tenants of social landlords a more affordable way to become homeowners.


If you click this link it will explain what options are available to social housing tenants to buy their home from their landlord: