owning a mix home

Quality homes for Londoners

Mix develops well-designed, quality homes for Londoners – in particular, people on low to moderate incomes who are priced out of the open market.

Through our new housing model, affordable homes cost at least 20% to 70% less than local open market values.

They will own all of their home, but, to make sure that people in the future benefit from the discount they have enjoyed, residents will not own the rest of the discounted value nor will they be able to buy it out. So when they want to sell, they will only be able to sell the percentage they bought in the first place.

How does it stay affordable?

For example, if a Mix buyer pays £100,000 for a home that was valued at £250,000, this means they have a discount of 60% and have bought 40% of the property’s value. When they come to sell, they would sell the 40% they own. So if the market has gone up and their home is now worth £275,000, the value of the portion of the home they can sell would be £110,000. They will need an independent RICS Surveyor to value the property, and this price fixes the amount that the next person who buys the property will pay.

Why do Mix do this?

To ensure discounted homes are available now and in the future to people who are struggling to buy their own home. We want to make sure there are great, affordable places to live, and to give people choices.

What do buyers get out of it?

They will in effect own their own home, paying off their own mortgage and not somebody else’s, and they will not be paying rent on the portion of the home they did not purchase. They will also have a great place to live.

What does Mix do with the percentage of the property residents do not buy?

We hold this value in trust so that it cannot be bought out. We do not want to see these homes lost to the buy-to-let market.

We want to create integrated, sustainable and cohesive communities that enhance the quality of life in London.