Housing (Miscellaneous Provisions) Act 2002

PART 2

Affordable and Shared Ownership Housing Schemes

Definitions.

5

5.—In this Part—

“affordable house” means a house made available for sale in accordance with this Part by a housing authority at a price less than the market value and “affordable housing” shall be read accordingly;

“market value”, in relation to a house, means the price which, in the opinion of the housing authority concerned, might reasonably be obtained in respect of such house, if sold on the open market;

“shared ownership lease” means a shared ownership lease granted by a housing authority under section 3 of the Act of 1992.