Low Cost Market

These are new build properties which are sold at a price lower than the open market value to households in housing need who could not otherwise afford to purchase. 

Herefordshire Council sets the initial sale price at a level considered affordable, based on local earnings.  The difference between this set affordable price and the open market value at the time of the initial sale, expressed as a percentage of the open market value, becomes a fixed discount which applies to all future sales of the property, ensuring that the property remains affordable in perpetuity.

The affordable price levels are reviewed annually.  Current affordability levels can be found in the document 'Provision of affordable housing - local affordability levels report'.  Follow the link below to Affordable housing development.

To buy a Low Cost Market property you must be able to raise a mortgage and deposit to cover the sale price. You will undergo a financial assessment to ensure eligibility.

This type of property is advertised by Home Point Herefordshire on theHome Point website, or by local estate agents.  Initial sales of newly built properties may also be advertised by the developer.

For further information, please contact housing needs and development on (01432) 260269 or email housingdevelopment@herefordshire.gov.uk