All major housing developments in Edinburgh are required to deliver at least 25% affordable homes. There are many different types of ‘affordable homes’. An explanation of all can be read in the link at the bottom of this page.
One which is becoming more prevalent is Golden Share, where homes are purchased by qualifying buyers at 80% of open market value and at no cost to the public purse.
These homes generally sell very easily in new developments, however an issue lies when it comes to resale. If a qualifying buyer is not found within 13 weeks on the market then the home can be sold to anyone at full market value. The 20% ‘equity’* then goes to the council, theoretically for investment in future affordable homes in either this ward or an adjacent ward.
In effect, this means we lose an affordable home in the immediate area.
It is important that we retain these and other existing affordable homes locally. If you qualify for a Golden Share home, please keep an eye out for properties marketed as such.
Full details, including the qualifying criteria, can be read here:
Click here for a A guide to Golden Share Homes
Click here for an Affordable Homes explanation
* The qualifying Golden Share Home owner owns 100% of the property. However the maximum resell price of 80% omv is written in to the title deeds.