Welcome to Basingstoke and Deane Borough Council's low cost home ownership register. By joining our register you are expressing an interest in purchasing a low cost property either now or in the future. There are several different schemes available within the borough, and for a summary of the individual schemes please see Low Cost Home Loan Graphic - January 2023 (basingstoke.gov.uk) and descriptions under the headings below.
Please note that each scheme will have specific qualification criteria that prospective purchasers must meet. You must be over 18 to purchase a property and most low cost schemes will have a maximum household income cap of £80,000.
We will publish details of properties when they become available for purchase on this website as and when advised they are available by the relevant landlord or developer, and will remove the property from the site when we have been advised that the property has been sold. As the housing market is ever-changing please continue to check this website for information on available homes, property details, prices and how to contact the landlord or developer if you are interested in purchasing a particular home. We may send you emails when potentially suitable homes become available for purchase.
Please note that joining our register does not mean that you have been automatically qualified to buy a particular property and verification of your eligibility to purchase a property, in line with the relevant eligibility criteria for the individual scheme (housing associations will conduct verification for shared ownership purchases and the council will conduct verification of any First Homes sales), will occur at the point of you making an offer.
Shared ownership is the most common form of low cost home ownership in the country, and with a shared ownership purchase you can buy a share of a property (initially 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 are able to purchase further shares of your property (known as 'staircasing') once you have purchased it, and in most cases you will be able to staircase up to 100% of the property, though in some rural areas you may only be able to staircase up to a maximum of 80%.
The current model of shared ownership with the initial purchase share starting at a minimum of 25% will continue until 2023. There is a new model of shared ownership which reduces the minimum initial share from 25% to 10% and this should be available to purchase from 2022 (there were a limited number of properties available in 2021). Therefore, there will be a transition period in which both the former and new shared ownership models will be available. It is important to check which model you are applying for. Under the new shared ownership model there is a 10-year repair during which the shared owner receives support from their landlord to pay for essential repairs, and a new 1% gradual staircasing model has also been introduced.
You can buy a home through shared ownership if your household income is £80,000 or less a year and have a local connection to the borough. You must also either 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.
First Homes is a new form of discounted housing which is open to first time buyers whose total annual household income is under £80,000. First Homes will be discounted by a minimum of 30% against the full market value of the property. The percentage discount will then be retained in perpetuity for future sales by way of a restriction on the register title at HM Land Registry. The first sale must be at a price no higher than £250,000 (outside of Greater London). As they are a new product First Homes are yet to be delivered within Basingstoke and Deane as they go through the planning and build process. Delivery of some First Homes are anticipated within 2023/24. Further information on First Homes can be found on the GOV.UK website.
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 Basingstoke and Deane Borough 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 Basingstoke and Deane borough. Discounted market properties were previously advertised through the council’s Your Home emailer, however will now be advertised through this site.
Similar to First Homes, when the property is sold the same discount is passed on to the next buyer, to ensure the property remains affordable in perpetuity. The lease will contain the details of the discount as these can vary for each scheme. There are a small number of discounted market units within the borough, generally within the Sherfield-on-Loddon area or the town centre area.
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 [email protected].
Own Home Loan scheme
This separate scheme is run by Basingstoke and Deane Borough Council and was modelled on the Government’s existing Help to Buy: Equity Loan scheme to assist up to 20 households purchase their first home with a loan of up to £30,000 which is interest free for the first 5 years. The Own Home Loan scheme however allows successful applicants to purchase existing homes within the borough, not simply new build properties.
Please note that this is not a site for or an application form for social rented or affordable rented housing. If you wish to apply for that please apply through Basingstoke Homebid.