The benefits of Discount Market Sale
Finding a great home at a great price is every home buyer’s dream. But given the high cost of home-buying in the UK, you’d be forgiven for thinking that you wouldn’t be able to get a bargain on your first home – but don’t give up hope just yet. With Discount Market Sale, you can enjoy 20% off your dream home!
But what exactly is Discount Market Sale, and how can it help you? We’ve rounded up all of the answers below.
What is Discount Market Sale?
Discount Market Sale is an affordable homeownership scheme that enables you to buy a new-build home at a discounted rate. Also known as Council Shared Equity or a reduced market value scheme, this usually leads to a discount of up to 20% off your dream home, as long as you fit the eligibility criteria!
The scheme is available on specific properties where the resident pays a percentage of the full value of the property while maintaining full ownership. When the owner comes to sell their home, the property must be sold under the same scheme criteria, and at the same market value percentage as at the time of purchase.
What are the benefits of Discount Market Sale?
- Purchase a great home, for less.
- A helping hand to people who need it.
- Don’t compromise on the quality of your home.
- Directed at people who live in the local area.
- You may be able to buy all of your home
Purchase a great home, for less
As you might expect, the crowning glory of Discount Market Sale is that it gives you a great discount on your dream home. Designed for people who can’t quite afford to get onto the property ladder, the scheme makes it possible to buy a home with a discount of 20%. As you’ll only need a discounted mortgage and reduced savings, you’ll vastly cut down the time it takes to save for a home.
A helping hand to people who need it
Discount Market Sale might sound like a great home-buying option, but this exclusive sale is not available to everyone. Instead, the scheme extends a helping hand to aspiring home-buyers who need it most. To be eligible for the scheme, you must have a household income of no more than 45% of the discounted rate of your property, and not already own a home. However, the scheme isn’t exclusive to first time buyers. As long as you have already sold your previous property, or are currently in the process of selling your home, you can take advantage of the scheme.
Learn more about the eligibility for Discount Market Sale here.
Don’t compromise on the quality of your home
When you hear the word ‘discounted’, you might think this means you have to compromise on the quality of your new home. However, this is far from the case! Discounted Market Sale is largely available on new-build properties, meaning you’ll get to enjoy the fresh feeling of contemporary fixtures and appliances in your home.
Designed with the latest specifications and building materials, new-build apartments are built to last, meaning you won’t need to worry about wear and tear anytime soon.
Directed at people who live in the local area
Want to move out in your local area, but put off by the price of taking the plunge? You’re in luck – Discounted Market Sale homes prioritise people who already live and work in the local area. This is a perfect option if you’ve grown to love your local community, and simply can’t imagine living elsewhere. You can start living in a high-quality apartment, without disrupting the pattern of your lifestyle.
You may be able to buy all of your home
Like with Shared Ownership, with a Discount Market Sale property, you may have the option to staircase to 100% ownership of your home. The main difference is this means buying the part of the home that was originally discounted by the council, and you won’t need to pay any rent on the discounted share. However, this will ultimately depend on the permission of your individual council, and you’ll need to save up enough to make the payment in one go!
Looking to get a discount on your first home? At Share to Buy, you can choose from a selection of housing providers that offer Discount Market Sale, helping you get your dream home at a great price. Alternatively, you can find a host of other affordable homes using Share to Buy’s property portal.