Buying an affordable home

Introduction

There are several home ownership options available across Somerset. These include:

• Shared ownership
• Discounted open market homes
• First Homes

You can find details of upcoming developments on Homefinder Somerset – Homes Coming Soon

Discounted open market housing

Discounted open market housing is sold at below full market value. A legal agreement, such as a Section 106, secures the discount for future sales.

You own the whole property, with no third party involvement. This option suits people who can afford to buy but not at full market value. Each property has its own eligibility criteria.

You can find these properties through local estate agents and online platforms such as Rightmove.

The council must assess your eligibility before you can buy a property.

For more information about the process, email affordablehousing@somerset.gov.uk

Discounted Open Market Policy

PDF, 137KB

How to sell a Discounted Open Market Property

PDF, 133KB

List of Evidence to be eligible for low-cost homeownership

PDF, 47KB

Shared ownership

With shared ownership, you buy a share of your home and pay a reduced rent on the remaining share. You can fund your share with a mortgage or savings.

You will need to pay a deposit. This is usually between 5% and 10% of the share you buy.

Shared ownership homes may be new builds or resales. Each property has its own eligibility criteria.

For more information and how to apply, visit How shared ownership works – GOV.UK