Affordable home ownership
What is affordable home ownership?
Affordable home ownership (AHO) is the term used to describe the products available to make the purchase of a home more affordable.
There are various products under the AHO banner, those currently available in Great Yarmouth are detailed below.
Previously known as 'part buy, part rent', households buy a share of the property and the remaining share is rented. In time, future shares can be purchased and the property could be bought outright, however this option is restricted if the property is on an exception site (outside the parish boundary) to ensure it is kept affordable in perpetuity.
Help to Buy equity loan
The Government provides households with a loan of up to 20% of the cost of a new home which must be repaid. Developers offering this option will promote it on site and applications are progressed with the developer.
The applicant purchases a share in the property and no rent is paid on the remaining share, but the purchaser is able to buy further shares in the property until it is owned outright after a set period.
Discounted market sale
The properties are sold at 80% of the open market value. These properties are sold with restrictions on who is eligible to purchase them and stipulate that they remain discounted in perpetuity.
Further information can be found on the Government's Own Your Home website.