Accommodation | Assisted Home Ownership
Newport’s Affordable Housing Policy
Average house prices in Newport are now more than £150,000 which puts them well out of reach for most first time buyers. In fact a person earning the average wage of £25,000 who could borrow three times their salary for a mortgage would face a shortfall of almost £80,000.
The Newport City Living scheme was established to try and bridge this gap by introducing a policy stating that up to 30 per cent of any new residential development with more than 25 houses would be made affordable.
The council works in partnership with local housing associations and private developers to deliver the scheme.
Who can apply?
To qualify for the scheme, you must:
- be in full time employment
- live/work in Newport or have a family connection in the city
- not own your own home or any other property (subject to individual circumstances)
- not be in serious debt on any existing loan (subject to individual circumstances)
- be unable to afford full ownership, but able to afford a mortgage based on the prices listed above
- have some savings to cover the deposit / the cost of moving etc
- be able to provide an ‘in principle’ mortgage offer
- be 18 years of age or over
How to Apply
If you are interested in one of these affordable homes you must first register for the Newport Home Options register online at www.homeoptionsnewport.co.uk. After registering you will be able to view the weekly adverts that would display any available properties to buy. You can then register your intrest by bidding on these properties.