Affordable Home Ownership is an option that helps people who wish to get on the housing ladder but are unable to afford a property on the open market - it's also known as 'low cost home ownership'.
Shared Ownership is a part-buy, part-rent scheme whereby you purchase a share in a property depending on what you can afford. You then pay a rent on the share of the property that you don't own (the higher percentage you own the smaller the rent and vice versa). The scheme is designed to help people onto the housing ladder with an option to purchase an increased share in the property in the future or buy it outright whenever you can afford to.
Traditionally, Shared Ownership homes in Fareham have mainly been delivered by Registered Providers/Housing Associations but Fareham Housing are embarking on the delivery of some Shared Ownership properties as part of their Housing Delivery Programme.
Fareham Housing Shared Ownership properties are properties which will be jointly owned by the purchaser and Fareham Borough Council. The policy below sets out the Council's approach to their shared ownership properties.
If you are interested in purchasing a Shared Ownership property, you must first register with Help to Buy South , who are the agent appointed by the government to provide Shared Ownership properties in the South of England.
In addition to this, we have recently launched our own online Shared Ownership Expression of Interest form which you can complete by following this link to the Affordable Home Ownership Register. By completing this form we can learn more about the need for affordable home ownership in Fareham Borough and we can also let you know early on about opportunities for Fareham Housing Shared Ownership (if you indicate you'd like to hear about such information).
Construction work is now underway at Capella Close in Hill Head, which will provide 11 new shared ownership homes. Find out more by visiting our Capella Close webpage.
Fareham Housing will also be delivering a further 9 Shared Ownership homes on the Former Scout Hut site in Montefiore Road, Sarisbury Green. Our Affordable Housing Delivery page will give you more details regarding the proress of this site.
First Homes is a new type of affordable home ownership. First Homes is designed to help first time buyers who wish to get onto the property ladder but are unable to afford a home at full market value. A First Home must be offered at a minimum of 30% discount on the market price.
Fareham Borough Council's Interim First Homes policy (182 KB) sets out the council's approach to First Homes, including eligibility.
As a new product, it may be that First Homes aren't available in the borough until approximately 2023/2024.
You can complete our Expression of Interest form by following this link to our Affordable Home Ownership Register if you'd like to be kept informed about affordable home ownership opportunities in Fareham borough.
If you would like any further information regarding Affordable Home Ownership, please email HousingStrategy@fareham.gov.uk.