Types of affordable housing

What are my affordable housing options?

Over the past few months, several new types of affordable housing have been introduced by the Government and, as a result, are being developed in Broxbourne.  Some of these changes can be confusing and this summary aims to explain some of the new products that are available.

Whilst Social Rent is available through the Council’s Choice Based Lettings system, the other products are generally available through the Government's designated HomeBuy Zone Agents.  In Hertfordshire, the HomeBuy agent is LeaValley Homes.  Their website is http://www.leavalleyhomes.co.uk.

Social Rent (Choice Based Lettings)

Many people refer to Social Rent as Council Housing.  This is housing set at discounted rents (generally no more than 60% of a private rented home) for those defined by their Local Authority to be in 'housing need'.

Broxbourne defines housing needs in its allocations policy.  People waiting for a home are allocated points based on their local connection, medical circumstances, children, etc to ensure that people in the greatest need are housed.

Shared Ownership (LeaValley Homes)

Shared ownership gives households an opportunity to part purchase a home to get on the property ladder.  Sometimes aimed at key workers, this scheme will allow the applicant to purchase anywhere from 25-80% of a property and pay a small charge on the remainder of the rent to the Housing Association.

Intermediate Rent (LeaValley Homes)

Intermediate rent is a discounted market rent (60-80% of open market rents) for households who earn within £20-£30k per annum.  Research has shown that people earning this amount generally end up spending too much money overstretching themselves through private renting.  Intermediate rent offers an affordable solution.

Rent to HomeBuy (LeaValley Homes)

This product offers a mixture of Shared Ownership and Intermediate Rent.  A household is able to pay a discounted market rent for a period of up to five years, during which time they will have an opportunity to purchase their home or a percentage of it.  This product allows households to live in their home whilst saving for a deposit.

HomeBuy Direct (Private Developer/LeaValley Homes)

HomeBuy Direct is where a household can pick a new build home (generally through a private developer) and purchase 70% of it.  The developer will arrange for the finance to cover the applicant's mortgage, deposit and equity loan.  There is typically no payments on the 30% equity loan for the first few years.

H.O.L.D. (Hightown Praetorian Housing Association/MySafe Home)

H.O.L.D. stands for Home Ownership for Long-Term Disabled.  This allows people with long-term disabilities to own a share of a home by using all possible funding available.  To see if you are eligible for this service, please visit http://www.mysafehome.info

Social HomeBuy (LeaValley Homes)

This scheme allows current social residents to purchase a percentage of their current social rented accommodation.  The discounts included in this are the same as the Right to Acquire discount.  For more information and to see if you are eligible for this product, please visit http://www.leavalleyhomes.co.uk.

Further Information

If you require any further information on any of the schemes above, please contact the Council’s housing strategy and development section on 01992 785521 or by emailing housing@broxbourne.gov.uk.  Advice can also be provided through LeaValley Homes.