Affordable/Social Housing

G_samy

We have liked a property for which our offer has been accepted.  The development was built in 2006. Our solicitor has informed us about the social housing in the development. 

As per Section 106, there’s an agreement between the developer and council that sets out what the council need in terms of planning/costs and affordable housing. We don't know which houses in the development falls under the social housing. The neighbourhood looks quite affluent and in fact we are quite surprised to note the Section 106 agreement and mention of social housing in the development.

Our concern - Does affordable housing  impact surrounding neighbourhoods in terms of re-mortgage and value of the property for future sale? 

Sunsaru

G_samy said:

We have liked a property for which our offer has been accepted.  The development was built in 2006. Our solicitor has informed us about the social housing in the development. 

As per Section 106, there’s an agreement between the developer and council that sets out what the council need in terms of planning/costs and affordable housing. We don't know which houses in the development falls under the social housing. The neighbourhood looks quite affluent and in fact we are quite surprised to note the Section 106 agreement and mention of social housing in the development.

Our concern - Does affordable housing  impact surrounding neighbourhoods in terms of re-mortgage and value of the property for future sale? 

Are the house prices are comparable to other areas? If so, then no it doesn't.

If you're worried that much then find somewhere more.... becoming of your ideals.

G_samy

We are a first time buyer and don't understand its implication hence trying to gather different perspective. I am no way trying to be a snob. This was one of the searches carried out by the solicitor, hence the query arises.

I would appreciate response from the members in this forum.

Sunsaru

G_samy said:

We are a first time buyer and don't understand its implication hence trying to gather different perspective. I am no way trying to be a snob. This was one of the searches carried out by the solicitor, hence the query arises.

I would appreciate response from the members in this forum.

Excuse my earlier sarkey reply. There are no implications.

[Deleted User]

There's a good chance the social/affordable housing will never be built anyway.

What they call affordable isn't really.

RelievedSheff

Pretty much all new housing estates have some element of affordable housing and have done for the last 10 years if not more. It is part of the planning conditions for the development.

Affordable housing falls under a number of elements with social rented, reduced price sales, part buy part rent being just a few options. 

There is no reason that having affordable housing on an estate will adversely impact house prices.