Social HomeBuy

Social HomeBuy is a scheme which allows tenants to buy their current home. Those that are unable to buy outright will be able to buy shares of at least twenty five per cent. They will pay a reduced rent on the share that remains with Circle and will benefit from any increase in the value of their share.

Social HomeBuy allows tenants to purchase their current home either outright or on shared ownership terms with the benefit of a discount. This is likely to be of interest to tenants who do not qualify for the Right to Buy or the Right to Acquire or who are not currently in a position to buy their home outright. If you are unable to buy your home outright it will be possible for you to buy a share of at least 25%. You will pay a reduced rent on the share that remains with Circle.

The discounts for this scheme are fixed amounts. The discounts currently range from £9,000 to £16,000 depending on the location of the property. The amount of discount payable will be in proportion to the initial amount purchased.

If you purchase a percentage it will be possible for you to buy additional shares at a later date, although you must buy at least ten per cent each time. This is called ‘staircasing’. A further discount will apply when the equity stake is increased but again will be linked to the percentage bought.

In order to qualify you must not have breached your tenancy agreement in the last twelve months (this includes having arrears of no more than one month on your rent account for the last twelve months); not being subject to a court order; and not be receiving housing benefit.

As with Right to Acquire, under Social HomeBuy some properties will be exempt, such as those properties that are in certain rural areas identified by the Government.

Find out more about the scheme: Download our Guide to Social HomeBuy (157 KB)
To express your interest and apply for Social HomeBuy, please download the Social HomeBuy expression of interest / application form (106 KB)