Home ownership initiatives
There are a number of schemes available for people who cannot afford to buy a property on the open market. The Council runs the New Build Homebuy scheme in partnership with Housing Associations.
If your household income is less than £60,000 you may be eligible for home purchase. Generally you will need to be able to demonstrate your mortgage capability and have the savings to cover all costs.
New Shared Ownership development in Merton
A new development of affordable housing at Trinity Place in Merton has become available for Richmond residents. The scheme is available from Notting Hill Housing on a shared ownership basis with prices starting at £69,600. visit their website for further details.
Richmond residents are eligible for other shared ownership developments in London more details are available through the First Steps website
FIRST STEPS
The gateway to affordable housing in London
L&Q is the Government's HomeBuy Agent for South East and South West London. In partnership with Metropolitan Home Ownership (the HBA for the East, North and West London regions) L&Q run the FIRST STEPS service for Londoners that are not able to afford to buy or rent good quality accommodation on the open market. L&Q work closely with LB Richmond to help meet the housing needs of Richmond residents.
FIRST STEPS enables anyone looking for an affordable home in London to complete just one application form to access a range of affordable shared ownership and equity loan schemes being marketed in London. It is also possible to find rented accommodation that charges rents that are lower than on the open market. For more information visit FIRST STEPS or call 0845 230 8099.
Events
Are you renting from the council or a housing association? Are you looking to buy a new home of your own?
FIRST STEPS can tell you how you can buy a new home through shared ownership at one of our presentation evenings on 18th October 2011 or 23rd February 2012.at 18:30 (finish 20:00) in the Parker Morris Hall The Abbey Centre 34 Great Smith Street Westminster London SW1P 3BU. View the event flier
(pdf, 262KB)
Homebuy schemes
New Build Homebuy (formerly known as Shared Ownership)
New Build Homebuy, formerly known as Shared Ownership, was introduced to help people who cannot afford to buy a home outright.
Through this scheme you buy a share of a property and pay rent on the remaining share that you do not own. The size of the share you purchase will depend on your income and savings. Normally applicants buy a 50% share but you may purchase as little as 25% or as much as 75%. Gradually, you can buy further shares and eventually own your home outright, which is called “stair-casing”.
Priority is given to existing Local Authority and Housing Association tenants, followed by high priority cases on Local Authority waiting lists and key workers.
It is essential that you have applied to the Richmond Housing Register which can be done by contacting the Housing Provision Team by telephone on 020 8487 5454. Full eligibility criteria can be found on the FIRST STEPS website.
At present, New Build Homebuy schemes are available only to current residents of the borough and to those who can demonstrate a relevant connection with Richmond upon Thames, for example, working within the borough.
Social Homebuy
Housing Association tenants can buy their home on a part-buy part-rent basis, and receive a discount on the initial purchase price. This scheme is called Social HomeBuy and the eligibility levels are usually set up by your Housing Association. It is not a statutory scheme and not all landlords will currently be offering this assistance.
First Time Buyers Initiative
This scheme is no longer available to new applicants.