What are £100K Homes?

Your guide to our affordable home ownership scheme

£100K Homes are new one-bedroom properties available to buy for £100,000. £100K Homes offer a truly affordable step on to the housing ladder for people who live or work Cambridgeshire and Peterborough. They offer affordable mortgage payments and can be secured with a low deposit.

There are no £100K Homes available just yet; the first ones are expected later in 2020. The Cambridgeshire and Peterborough Combined Authority also needs your support. If we can show significant local demand for £100K Homes as well as general support from the wider public, we can bring £100K Homes to people faster and on a greater scale.

What is it?

£100K Homes are always 100% owned by the buyer.

As a general rule £100K Homes will be freehold except where the nature of the building requires a share of freehold or leasehold arrangement, e.g in the case of flats or maisonettes. £100K Homes are not a form of shared ownership.

£100K Homes enable people to live and work locally.

£100K Homes are aimed at helping people to buy houses close to where they work and in communities where they may have strong connections. Applicants for £100K Homes will be scored against criteria relating to these key aims. The higher they score, the more chance they will have of buying a £100K Home. The Cambridgeshire and Peterborough Combined Authority will manage this process. A full and transparent guide with more detail on how it will work will be published on this website in due course.

Build equity and save money quicker for the next move.

Monthly mortgage payments are likely to be significantly cheaper than private rents on a similar property. Equity is also built as the mortgage is paid off. That means saving money for a move up the property ladder is made easier.

Each home is priced at a discount to its full market value.

The discount varies depending on the open market value, but the sale price will be £100,000.

No rent to pay and the security of home ownership.

A monthly mortgage payment, no landlords to deal with and complete housing security.

The owner benefits from any future house price rises.

If the value of the home has risen when the owner comes to sell, they stand to benefit from the increase. Like owning any property, the owner could lose money if house prices fall. See more: How it works.

£100K Homes can be purchased with a deposit and mortgage.

Just like purchasing any other home, the buyer will need to provide an upfront deposit and secure a mortgage to purchase the property.

£100K Homes can be sold at any time.

When the owner is ready to move on, the home can be put up for sale. If they want to stay in the home for the rest of their life, they can.

They can be delivered anywhere in Cambridgeshire and Peterborough.

Local house prices are no barrier to the delivery of £100K Homes. They can be located in cities, towns or villages.

The homeowner is fully responsible for the property.

That includes keeping up with mortgage payments, maintenance, any bills, and other responsibilities which come with home ownership.

Register your interest

Sign up to be contacted by us when £100K Homes become available in your area