Affordable Home Ownership Products

Colchester City Council is committed to delivering new build home ownership products to assist people in Colchester to get onto the housing ladder and own their first homes. Affordable home ownership products offer discounted market homes or the opportunity to own a share in a home. 

First Homes

First Homes is the latest government home ownership scheme which is designed to help first time buyers onto the housing market. Homes are discounted by 30% of market value and sold to eligible buyers.

To be eligible: 

• You must be a first-time buyer and have a household income not exceeding £80,000 a year.
• Post-discount price caps on first sale of the property of £250,000.
• It should be your only home, and you will need to use a mortgage or home purchase plan for at least 50% of the purchase price of the new home.
• You may need to have a local connection and/or a key worker status as determined by the relevant local authority.

Colchester seeks to have a local connection criteria on all First Homes sold within the district with priority given to key workers and people currently working or residing within Colchester.

To apply for a First Home please contact your local estate agent or apply directly with the housing developer.

Find further information

Shared Ownership

Shared Ownership is a government-backed incentive scheme that allows you to buy a share of a new home (usually between 10% and 75% of the home’s value) and pay rent on the remaining shares to a Housing Association. Shared Ownership allows homeowners to purchase more shares(staircasing) to increase their percentage ownership and decrease on the amount of rent being paid.

To be eligible:

• your household income must be at least £80,000 a year.
• you cannot afford all the deposit and mortgage payments for an alternative home that meets your needs on the open market.
• you’re a first-time buyer or
• you used to own a home but cannot afford to buy one now.
• you’re forming a new household - for example, after a relationship breakdown.
• you’re an existing shared owner, and you want to move.
• you own a home and want to move but cannot afford a new home that meets your needs.

Shared Ownership homes will be adverted on New Homes For Sale.

Find further information: