New Build HomeBuy (more commonly known as shared ownership or part-rent, part-buy) is designed to help people who cannot afford to buy the home they need. Octavia are building a number of properties for New Build HomeBuy over the next few years.

In most instances, key workers, existing council/housing association tenants and people registered for housing with the council, are given priority, but other people can also apply for shared ownership.

Most shared owners are first time buyers, but it is not available for people who can afford to buy a home outright.

The size of the share you buy can be between 25% and 75% of the value of the property, although this does depend on individual circumstances. The size of the minimum share will vary with each property, but will usually be between 25% and 40%.

Shared owners pay a monthly rent to us for the share that they haven’t purchased. There will normally also be a service charge to cover items such as buildings insurance, management and cleaning of any common areas and a fund to cover future repairs.

Buying your first home is a big commitment so you should always consult a financial adviser and use a solicitor who is experienced in the purchase of shared ownership properties. Please make sure that you read the pdf document What is shared ownership.

If you want to be kept informed of new schemes as they become available, so you don’t miss out on the chance to own your home, print off and complete our registration of interest form and send it to Octavia at the address on the form.