Types of affordable housing in Redditch
Affordable housing is provided to eligible households whose needs are not met by the market. Eligibility is based on incomes and house prices. For detailed information and definitions of affordable housing, see the National Planning Policy Framework at GOV.UK and our local planning policies.
Here are the different types of affordable housing available in Redditch.
Social rented housing
Social rented housing is where rents should be below the local market rent (renting privately). These are available from the council or registered social landlords. Rents are determined via the national rent regime.
Affordable rented housing
Affordable rented housing is where rent is limited to no more than 80 per cent of the local market rent, including service charges where applicable.
Co-operative housing is where, through a co-operative, tenants are directly involved in the design and management of their affordable housing.
Intermediate housing is where affordable homes are rented or sold below market prices, but above social rented prices. This includes intermediate rent, shared ownership and low cost homes for sale. It may only apply to true affordable homes as defined during planning, and not to market homes that happen to be low cost.
HomeBuy Direct is where specific new build properties are available at 70% of market value. The other 30% is funded by a loan from the Government and the developer, but the purchaser owns 100% of the property.
Firstbuy is where a new build property is available at 80% of market value through a conventional mortgage. The other 20% is funded by a loan from the Government and the developer. It is designed for first time buyers.
Discounted sale is where specific properties are cheaper than market value for applicants with an established local connection. This is a scheme negotiated by Redditch Borough Council, contact us for more information.