What is DMS?

Discount market sale (DMS) is a low-cost home ownership product where a new build property or resale property is purchased at a discounted price to the open market value.

DMS allows you to purchase a new property at a discounted price. That same percentage discount will then be passed on with the sale of the property to future first-time buyers, meaning homes will always be sold below market value – benefitting local communities, key workers, and families for generations to come.

The scheme aims to help people get on the property ladder.

How will DMS be applied at Griffin Park?

Subject to final discussions with the council and achieving planning approval, 30 DMS one-bedroom apartments will be provided at Griffin Park at 75% of the full market value.

Who is eligible?

It’s likely the following eligibility criteria will apply:

• Applicants must work or live in Hounslow

• Applicants must be first time buyers

• The property must be the buyer’s main residence and buyers must not own another property

• Applicants with a household income of under £90,000

What are the benefits of DMS?

• Buyers own all of their home, there is no shared equity with another party

• The discount is maintained in perpetuity for future buyers as well

• You own your own home, in an area you have a connection to

• A housing option that meets an identified affordability gap by providing affordable private housing options for those who would not typically be prioritised for a social rented housing, or can afford to rent but not buy a private sale home

• A new build, energy efficient, low maintenance housing option, free of the maintenance and improvement works that often come with the purchase of a second-hand property

How is a DMS purchase financed?

Applicants must finance purchasing of a home using the same options as full market sale properties – mortgage and/or savings.

Spread the Word

If you know a colleague, friend or family member who might be eligible please share this information and help someone take the first step toward homeownership.

If you have any questions or would like to express an interest, please contact us at griffinpark@iceniprojects.com.

Please note the information above is indicative only at this stage.