What is Affordable Homeownership?

Affordable Homeownership enables people to buy a home which they would otherwise not be able to afford without assistance. For properties currently available in Stockton please click here.

Types of affordable homeownership include:

Rent to Buy
This may be called a variety of names including 'rent to purchase' and 'rent first, buy later'. Stockton Council launched its own Rent to Buy scheme at Hardwick Green earlier this year. For more information please visit the Rent to Buy page.

This option may also be offered by some Housing Associations and Private Developers. The properties available will be on new-build developments and the purchaser will be able to rent the property for a specified length of time, before deciding whether to buy it. Each scheme may vary slightly and more details will be available from the Affordable Homeownership Team

Shared Ownership
This is where the purchaser buys a proportion of the property, e.g. 75%, and pays rent on the share that they do not own. Gradually the purchaser may buy further shares and eventually own the home outright.

Shared Equity
This is where the purchaser owns a percentage share of the property, e.g. 75%. The Developer / House Builder retains the other share for a certain length of time, e.g. 10 years, after which the owner would get the chance to buy the remaining share of the property.

Market Discount
This is where homes are offered for sale with a discount for the purchaser, so the purchaser buys the whole home at a reduced rate, for example a 15% discount off the usual sale price.

The above schemes will be available at selected developments through the Affordable Homeownership Register.

The Government's HomeBuy Scheme
Residents in the Stockton Borough can also access the Government's HomeBuy scheme which includes First Time Buyers' Initiative, HomeBuy Direct, Shared Ownership and Rent to Buy. For more information please visit the HomeBuy page.