Affordable housing has become increasingly difficult to define. This sometimes leads to the assumption that affordable housing isn’t for everyone, but this isn’t true. It’s highly dependent on your wants and personal circumstances,. With more schemes becoming available, there is likely an affordable housing option out there for you!
In this blog, we’ve discussed why affordable housing might not work and alternatively why it might be a great option for your next move.
5 reasons why affordable housing might not be for you:
1. Meeting Council Criteria
Each local council has its criteria to help prioritise individuals’ needs for housing. Applications for this type of housing are made through the council. Typically you have to be registered to also apply for housing association homes. If you don’t meet all their criteria, you will likely be placed lower on their list, and housing won’t be available until you make it to the top.
2. Limited Availability in your Area
When moving home, one of the first steps is deciding where exactly you’d like to live. This is often one of the most exciting parts! Although affordable properties are available all over the UK, you may not be able to find exactly what you’re looking for in that location you long for. We understand flexibility isn’t always an option with family commitments, so don’t be discouraged if your search continues.
3. Home Ownership and Reduced Control
A lot of affordable property options include renting or part ownership of your home. The property ladder is a difficult one to climb, so shared ownership is a great way to start, however, your home isn’t all your own. These options often require consulting your landlord/ housing association to discuss changes surrounding your property, making your home feel less like your own.
4. You’re Already on the Property Ladder
Council and housing association housing isn’t the only scheme to require you to meet specific criteria. Help to Buy seems like a great way to buy your dream new build property, but it’s unfortunately only available to first-time buyers. Being a current home-owner reduces your eligibility for some government help schemes, so it’s important to explore alternative options.
5. Waiting Lists
If your current tenancy is coming to an end and you’re looking for an affordable alternative, affordable housing may not be available in time for your move. As council and housing association homes work on placing those most in need first, it may take some time to make your way up the waiting list to be contacted for a property. Don’t forget, this is done on a priority basis, so it’s important to inform your council of any changes in your personal circumstances!
5 reasons it is:
1. Home Ownership can be Available
Schemes like Right to Buy make it possible for those living in council housing to eventually buy their property (at a discounted price). There are eligibility criteria you must meet if you would like to do this. However, your local council will be able to guide you and you could soon be a homeowner.
2. Shared Ownership Staircasing
Shared ownership allows you to work your way up the property ladder by owning an increased percentage of your shared ownership property. Although it takes time you could work your way up to 100% ownership if that is an option for you, allowing you more control and security in your very own property.
3. Money-Saving Potential
Some affordable properties require you to downsize from your current property. This isn’t ideal, as you say goodbye to old memories and extra space. Downsizing can have many benefits! One major benefit is it allows you to free up your finances which can be used elsewhere. With an expected lower heating bill and rent payment, you can look towards putting your new savings away for a rainy day.
4. New Build Properties made Available
As discussed, there are a few great affordable options to get on the property ladder and enjoy a new build home. First-time buyers can benefit from a government boost if they’re struggling to save for a deposit. Shared ownership allows you to pay on the share that you own.
You can use our new builds near me tool to see what’s up and coming in your area:
5. Makes Moving Possible
Affordable housing makes moving home possible for various circumstances. Whether you’re planning a move to get your dream job, wanting to be closer to your family or just fancy a chance, the affordable property means you can. Although you may not be eligible for some schemes, it doesn’t mean there isn’t an affordable property out there for you.
If you want to see how you can make affordable housing work for you, we recommend trying to find your scheme, where you can input some details and find out your eligibility for government schemes.
If any of them take your fancy, you can use our search tool to see what’s available near you. Alternatively, if you’d like to know more about some of the schemes, head over to the MovingSoon hub. We’ve got lots of great informative content to help you pick your next affordable property.
