With all new build developments there is a requirement that a percentage of those being built need to be affordable housing, made up of Help to buy, shared ownership and social housing. This, added with shared ownership resales coming to the market, can mean there is sometimes a grey area with how these listings should be displayed in terms of the asking price and full description.
Best Practice for shared ownership or help to buy listings
- If the property can be purchased at full price, the listed asking price has to be the full purchase price with clarification within the full description that this can also be purchased on a shared ownership basis/help to buy basis
- All details relating to this, including the housing association (if applicable), monthly rental figures and service charges for the share options (if there are multiple available), also need to be listed
- If the property cannot be purchased at full price, the listing price should reflect the share of the property;
- If the full property value is £200,000 but the share being bought is a 50% share, the listed price would be £100,000
- The property full description must contain all relevant details in relation to the property, including the housing association, monthly rental and service charges for the remaining share
Customers with access to Premium Listings can take advantage of the two key highlight features that appear on the listing within search results pages, and highlight the property as Shared ownership.
Having this information shared clearly, can enable customers to make an informed decision.
If you require any further assistance on uploading listings, please check out the Manage listings section within the Help Centre. Alternatively, you can email firstname.lastname@example.org, or, click Submit a request below and complete the contact form.