Discount market sale
Discount Market Sale (DMS) is a low cost home ownership product where a new build property is purchased at a discounted price. The scheme is to help low and middle earners get onto the property ladder.
How the scheme works
These properties are available in partnership with the council at 20% below current market value to buyers who meet the criteria.
To qualify for one of these flats, applicants must:
- be a resident or be employed within the London Borough of Barnet
- earn a gross annual income household income at the date of application for the property that does not exceed 45% of the discount market sale price of the property
DMS properties available
You may also be able to find DMS properties for resale at a local Estate Agents in Barnet.
Selling a DMS property
You may sell the property at any time, but you must notify us in writing of your intention to sell your affordable home. This is known as an Availability Notice.
Please email your Availability Notice to Nadeen Swaby, Affordable Housing Liaison Officer Nadeen.email@example.com
As this scheme is part of the Low Cost Home Ownership scheme, prospective buyers must:
- be eligible for affordable housing
- live or be employed in the London borough of Barnet
- have a gross annual household income at the date of application for a DMS unit that does not exceed 45% of the discounted offer price of the property
The property must be sold with the same discount percentage that you received when purchasing the property.
To confirm the value of your property, you will need to obtain and provide the council with 3 written valuations for the full Open Market Value of the property from 3 reputable local estate agents. The sales value is then calculated and agreed by taking the average of these 3 valuations and applying the purchase discount. This is then the maximum sales value which you can sell at through your chosen estate agency.
Fees and charges
You will need a solicitor to act on your behalf. You will have to cover the Council’s legal costs regarding selling the property.