Shared Ownership for Key Workers

New Build Homebuy is the new name for shared ownership. This key worker schme is designed for people who cannot afford to buy a home on their own. Instead key workers purchase some of the property and rent the remaining share direct from the housing association. The New Build HomeBuy scheme permits Key Workers to increase their share of the property.

Up to four people can be joint owners and in most cases purchase a new home through the housing association. Prices do vary, but are generally lower than an equivalent bought on the open market.

Key workers can purchase as little as 25% or as much as 75% of a New Build HomeBuy property. Typically, these affordable homes are offered at 50% shared ownership.

If you do intend to buy additional shares of your property you need to keep in mind that if the value goes up, it will cost more to buy an additional share of your property.

If you purchase a shared ownership property. The housing association will grant you a lease of 99 years. You will have full entitlements as a home owner, including permission to resell the property at full market value in the future