Low cost home ownership

Low cost home ownership opportunities are open to people who cannot afford to purchase a home on the open market but want to buy their own home. Our website discusses the different opportunities available, advice on buying your own home along with important housing market updates.

Available options

For a summary of the low cost home ownership options within Basingstoke and Deane Borough Council, please see this graphic and the above video. An explanation of the different affordable home ownership options within the borough is as follows:

Own Home Loan scheme
This scheme is run by Basingstoke and Deane Borough Council and is modelled on the Government’s previous Help to Buy: Equity Loan scheme, but the Own Home Loan scheme allows successful applicants to purchase either an existing home or a new build property. We remain in close contact with successful applicants to assist them in the purchase of their first home.

Find out more information and how to apply to the Own Home Loan Scheme

Discounted market sales
There are some properties in the borough that are for sale on the open market at a discounted price. Prospective buyers are required to meet certain criteria set out by the council, demonstrating they are not able to afford a home suitable for their needs at full market price and have a local connection to the borough. Discounted market properties are advertised through the council’s low cost home ownership register.

Sign up to the Low cost home ownership register where you will also receive information and advice to help you get on the housing ladder and be kept up to date on all low cost home ownership opportunities available in the borough.

When the property is sold, the same discount is passed on to the next buyer, to ensure the property remains affordable. The lease will contain the details of the discount. If you are a current owner of a discounted market home and you are looking to sell please get in touch with us via email at lcho@basingstoke.gov.uk.

First Homes
First Homes are a specific kind of discounted market sale housing, the council has determined how this will be implemented, this is open to first time buyers (individuals or couples) who have a combined annual household income not exceeding £80,000 and have a mortgage fund at least 50% of the discounted purchase price along with a local connection to the borough.

First homes will be discounted by a minimum of 30% against the market value. On their first sale, will have a restriction registered on the title at HM Land Registry to ensure this discount (as a percentage of current market value) and certain other restrictions are passed on at each subsequent title transfer; and after the discount has been applied, the first sale must be at a price no higher than £250,000 (outside of Greater London). Further information on First Homes can be found on the GOV.UK website.

Local connection is defined as at least one of the following:

• normal residence in the borough for the previous 12 months before your expression of interest in the scheme, or for a total period of three out of the previous five years before your expression of interest
• employment for 16+ hours a week on a permanent contract within the borough for the previous six months before your expression of interest in the scheme
• close family associations within the borough and a requirement to move to the borough to offer or receive care and/or support.

Key workers do not need to adhere to the six month employment qualifying period and are defined as those working in:

• health and social care, including health and life sciences
  
• education and childcare
  
• in key public services
  
• local and national government
• in the foods and necessary goods industry
  
• public safety and national security
  
• transport and border control
  
• working in utilities, communication and financial services, and
  
• any other occupation not in the categories above which provides an essential service to the Basingstoke and Deane Borough or wider society, to be demonstrated by the prospective purchaser and determined by the council.

The council’s First Homes Interim Policy Statement dated December 2021 covers our interim eligibility criteria in more detail. The interim eligibility criteria is in place to give priority to local residents until a new policy is introduced as part of the borough’s Local Plan Update.

When First Homes properties are available, they will be advertised via our Low Cost Home Ownership Register where you will also receive information and advice to help you get on the housing ladder and be kept up to date on all low cost home ownership opportunities available in the borough. If you have any questions in relation to First Homes please get in touch with us via email at lcho@basingstoke.gov.uk

Shared Ownership

With shared ownership you can buy a share of a property (between 10% and 75% of the property’s full market value) and pay rent to a landlord, usually a housing association, on the remaining share. You can buy a home through shared ownership if your household income is £80,000 or less a year and you cannot afford all the deposit and mortgage payments for a home that meets your needs. You must also be a first time buyer, used to own a home but now cannot afford to buy a new one, you currently own a home and want to move but cannot afford a new home suitable for your needs, you are forming a new household (for example after a relationship breakdown) or you are an existing shared owner and want to move.

For further information about how shared ownership works visit our webpage

Further information and useful websites

Information about the different low cost home ownership schemes available can be found on the Own Your Home website.

Complete a short questionnaire on the Own Your Home website to help you decide which scheme is right for you.

Buying your own home

For advice on buying your own home view our buying your own property webpage.

Ways to keep up to date

Sign up to our low cost home ownership register to be kept informed of available properties for sale in the borough. You will receive information and advice to help you get on the housing ladder, along with the next dates for our help to buy event. Our help to buy event allows you to find out information and ask questions relating to low cost home ownership options.

Sign up to the Low cost home ownership register