Affordable housing explained

The Derbyshire Dales is an area with high average property prices and, like most parts of the United Kingdom, prices have risen faster than average incomes in recent years. This means that many people struggle to buy a home suitable for their family.

You may be surprised to know that there are options for buying a home at an affordable price within Derbyshire Dales.

Help to Buy - Shared Ownership

If you can’t quite afford a mortgage on 100% of a home, shared ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay a subsidised rent on the remaining share.

Sandra Wright, Sales Negotiator for NCHA Sales explains more: “The flexibility of shared ownership means that it works for a really wide range of people, from first time buyers through to downsizers. It allows buyers to get a house that suits them, in areas that might otherwise be out of their reach”.

A number of housing schemes, which have a range of shared ownership properties, are in the pipeline across the Derbyshire Dales.

Who can buy through shared ownership? 

You can buy a home through shared ownership if:

  • your household earns less than £80,000 a year, and;
  • you are a first-time buyer, you used to own a home but can’t afford to buy one now, or you are an existing shared owner looking to move

How does shared ownership work? 

  • You purchase a share of the property, between 25-75%, with a mortgage or lump sum, depending on what you can afford.
  • You pay a subsidised rent on the share you don’t own.
  • There is no obligation to increase your share, and you can sell your share and leave the property at any time.
  • Shared ownership properties are always leasehold.
  • On housing schemes outside of the Peak District National Park, you can increase your share up to 100% at any time. If you own more than 80% and wish to sell, the housing association will buy the property back from you.
  • Within the Peak Park and on rural sites, lease restrictions may apply including an 80% purchase limit and requirements for a local connection to the parish/area. These measures ensure that the homes remain affordable for local people.

How much will it cost?

Below is an example cost of a recent scheme which completed in Wirksworth:

If a mortgage is required, you will need a minimum deposit of 5% (based on the share, not the 100% value).

2 bedroomed house for sale valued at £155,000. The following example costs are based on a 25% share of £38,750:

 Minimum deposit required is 5%  £1,938
 Mortgage required £36,812
 Monthly mortgage payments £194.31*
 Monthly rent £266.41
 Monthly service charge £37.00**
 Total monthly cost £497.72

*Based on a 25 year repayment mortgage with an interest rate of 4%. This is an example only, actual costs may vary. Calculate your mortgage payments here.

 **Service charge covers items such as gardening of communal areas, road maintenance and street lighting.


How to apply for shared ownership

Step 1:

Check with the housing association first to see what they have available and if you can reserve a property (contact details below).

New shared ownership properties and resales across the District are also advertised through local estate agents and Rightmove.

  • Nottingham Community Housing Association (NCHA) Homes for sales are advertised on their website or contact their sales team on 0845 650 1204 or via email
  • Platform Housing Group Homes for sale are advertised on their website or contact their sales team on 0333 200 7304 
  • Peak District Rural Housing Association (PDRHA) Homes for sale are advertised on their website or contact them on 0300 1234 009 or email


Step 2:

Apply on line at Help to Buy Midlands and London, who are the regional agent for shared ownership. Help to Buy Midlands and London will assess your affordability and the housing association will make an offer based on the amount you can afford.

Further information on the shared ownership scheme is available here


There are also other Help to Buy government schemes available which help make buying a home more affordable 

Help to Buy - Equity Loan

Help to Buy - Equity Loan allows you to purchase a new property with a deposit of 5%. You then take an equity loan from the government (up to 20%) and a mortgage for the remainder of the value (at least 75%).  Unlike the mortgage, the equity loans are interest-free for five years, and are only repaid when you sell your property.

Lifetime ISA

The Lifetime ISA was launched on 6 April 2017 to help young people save flexibly for the long term towards a first home and retirement at the same time. Adults under age 40 will be able to open and save up to £4,000 each year into a Lifetime ISA and receive a 25% government bonus paid monthly.

Individuals will be able to contribute to their Lifetime ISA and receive an annual government bonus on their contributions up to the age of 50. Savings invested in a Lifetime ISA can be withdrawn after age 60, or at an earlier age if they are being used to buy an individual’s first home worth up to £450,000 in the UK. More information can be found here.