How we work out the price you have to pay for your property
We will work out the price of your home based on a number of factors as detailed below.
The market value is the price of your home assessed by an independent professional valuer* at the date that you applied to buy it. You can challenge this valuation if you don’t agree with it and it will be assessed by Land and Property Services. This revised market value may be higher or lower than the original price offered. Both you and the Housing Executive must accept this valuation or you will not be able to buy your home.
* The independent valuer’s firm is not allowed to provide you with a mortgage or other financial service.
After you have been a tenant for five years, you will receive a discount of 20% off the market value. For each extra year that you have been a tenant you will then receive another 2% reduction of the market value, up to a maximum of 60%.
The maximum amount that can be taken off the market value of your home is £24,000. If you sell your home, or any part of it, within five years of the date that you bought it, then any discount that you received must be paid back.
Please note that if you succeeded or were assigned the tenancy from a spouse or parent this may affect the discount that you receive.
Contact your local Land and Regeneration office for further advice.
Historic cost is the amount that it cost the Housing Executive to build, improve or buy the property. We can only sell your home for less than this historic cost if the market value is lower. You would not receive a discount in these circumstances.
The historic cost doesn’t include repair costs and covers this year and the previous 10 financial years.
Any improvements that you have carried out will not be included in the price you have to pay to buy your home.