An affordable home is for people who cannot afford to buy a home on the open market. It is provided at a discount to the market price, and you must live in it. If you sell it within 20 years, you will have to pay back a percentage of the sale price to the local authority. This is known as a 'Clawback'.
What Types of Affordable Homes are Available?
Different types of affordable homes are available to buy, including:
- one-, two- and three-bedroomed apartments
- two- and three-bedroomed houses
What makes these properties affordable is that they are all available at prices that are much lower than the market value.
Where are Affordable Homes Provided?
Most affordable homes are in private developments. Usually, a percentage of all houses or apartments in a private development are made available to be sold as affordable homes. These are sold at a discount to other houses and apartments in the development.
Another way of providing affordable homes is to build them on land the local authority owns. Land owned by the Government has also been made available for affordable homes. Check with your local authority for details.