Discounted Homes (Discounted Open Market Value)
What is Discounted Open Market Value?
Discounted Open Market Value enables you to buy 100% of a new build property at a discounted price. The discount available is usually between 20% and 40% of the open market value. The discount offered remains with the property so if you decide to sell the property at a later date, you will need to sell it with the discount in place. As a homeowner having bought using this product, you will benefit from any property price increases but wouldn't be able to sell the property at full market value.
Who can buy through Discounted Open Market Value?
Discounted Open Market Value products are available to those who cannot access the open market due to affordability. The criteria to be eligible include:
- first time buyer OR
- if you are a current homeowner or named on a mortgage, you can apply but must sell the property/any equity held and/or have name removed from the mortgage before you complete the purchase under this scheme
- unable to afford a property at open market value but able to with a discount applied
- local connection to the South Ribble area (this means you have a connection to the local area which includes if you have lived in the area for a continuous period of 6 months or have lived in the area for 3 out of the last 5 years; you are employed in the area or have an offer of employment; or you have a close family connection) Please note, the developer may also have their own criteria
Where do I find Discounted Open Market Value Properties for Sale?
Discounted Open Market Value properties are advertised and sold directly by the developer. If you know who the developer is then you can contact the developer directly.