Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Springstead Village

by Regenta

Cambridge, Cambridgeshire, CB1 3FT

1 & 2 bedroom apartments and 2 & 3 bedroom houses

From £150,000 for a 25% share
(From £600,000 Full Market Value)

Working in partnership with Bellway, we are pleased to be offering a collection of homes for shared ownership in Cherry Hinton. Located just three miles from the centre of beautiful Cambridge, this exciting new development will be home to new primary and secondary schools, shops, and community facilities. 1 and 2 bedroom apartments and 2 and 3 bedroom houses ready to move into, in the heart of Cherry Hinton, Cambridge.

Shared ownership

Morva Reach

by Beech Grove Homes

Longrock, Cornwall, TR20 8LD

2 & 3 bedroom houses

£106,000 - £134,000 for a 40% share
£265,000 - £335,000 Full Market Value

Beech Grove Homes are delighted to welcome you to Morva Reach. Discover your dream, new home in the Cornish countryside... LAST FEW PLOTS REMAINING! 2 & 3 bedroom shared ownership homes are available NOW in the village of Long Rock. Visit our show home and marketing suite - we're open Thursday to Monday weekly, 10am-5pm. Found on the outskirts of Penzance, Long Rock is well-known for its charming aesthetic and wide variety of attractions offering something for everyone. Want to find out more about making a property at Morva Reach your new home? Please make an enquiry above and our local sales executives will be in touch. *Images are representative

Shared ownership

Chateau Mews

by Auxesia Homes

West Bridgford, Nottinghamshire, NG2 7DZ

3 bedroom houses

From £170,000 for a 50% share
(From £340,000 Full Market Value)

Chateau Mews – A Rare Opportunity in Nottingham’s Most Prestigious Neighbourhood With upgraded specifications to flooring and kitchen appliances, we have a very limited number of Shared Ownership homes now available to reserve. Offering you the chance to secure a brand-new property in the heart of West Bridgford. With only a handful released on site, this is a unique opportunity to step onto the property ladder in one of Nottingham’s most desirable locations; moments from green spaces, river walks, and vibrant cafés. 3-Bedroom Homes – Plot 84 & 85 - 917 sqft - The Clarendon Rent per month - £389.58 Each home has been crafted with modern living in mind, blending stylish interiors with practical layouts that maximise space and natural light.

Shared ownership

How does Shared ownership work?

Shared ownership allows you to buy a share of a new house and pay rent on the remaining part. It is a government-backed incentive scheme, primarily aimed at helping first time buyers onto the property ladder. You can also use it to buy a bigger home than you can afford on the open market.

The percentage you can purchase may be different depending on where you buy the home:

In England, you can buy shares of between 10% and 75% of the full market value
In Scotland, you can buy a 25%, 50% or 75% share
In Wales, you can buy shares of between 25 and 75% of what the home is worth

Shared ownership is also known as ‘part-buy, part-rent’.

You will purchase your shared ownership property via a housing association or council. The home will be a new build or a re-sale of an existing shared ownership property, of which you’ll need to purchase the same percentage of shares as the existing owner, or more.

You will need a deposit and a mortgage on your share of the property that you are buying. The remaining share is owned by the housing association or council, and you will pay rent comprising up to 3% of this amount.

Although the housing association may have shares of up to 90% in your home, you will become the owner of the lease. As the leaseholder, you will be responsible for repairs inside the property and the housing association will take care of the outside.

To cover any costs that might be necessary for outside work, you will need to pay a service charge, usually paid monthly. It is a good idea to find out how much the service charge is and factor that into all monthly outgoings before you agree to buy.

Shared ownership eligibility

In England, this scheme is available to those in a household with a combined income of less than £80,000 a year (or £90,000 in London), and you are unable to afford a deposit and mortgage payments on a suitable property for you and your family. In Wales, you must have a combined income of less than £60,000.

There are other criteria you must meet, such as:

being a first time buyer, or
if you used to own a home but can no longer afford to buy outright, or
you want to move from one shared ownership property to another, or
you're setting up a new household, for example after a relationship breakdown, or
you currently own a home, and wish to move but cannot afford to buy outright.

You will also need to have no outstanding credit issues, so make sure you get your finances in order before you apply.

Criteria varies by country, so be sure to check before applying.

A development of Shared Ownership homes in England

What is Staircasing in Shared ownership?

You can buy additional shares of your home, usually in increments of 10%, until you own the majority or all of your home. Some older leases set the minimum amount at 25%, and newer ones may allow you to buy as little as 5% at a time. There are some instances where you may be able to buy 1% shares.

This process is called staircasing and allows you to own more of your home as you earn more money or can afford a bigger mortgage. Each time you wish to purchase more shares, these will be based on the value of the home at the time of buying the shares, and not the value of your home when you first bought it.

You will need to pay for a professional valuation of your property to determine the value of the shares before you can buy them. Buying more shares in your home will also mean paying less rent.

Things to consider before buying a Shared ownership home

There are other factors which may impact your decision on whether shared ownership is right for you:

You will still need a deposit for the mortgage portion of your home, usually between 5% and 10% of the value of the mortgage.
All usual moving fees apply including surveys, stamp duty and legal costs.
If you’re aged 55 or over, you may be eligible for Older People’s Shared ownership (OPSO) but bear in mind, you will only be able to own up to 75% of your home.
If you are a key worker, then a percentage of properties through housing associations will be allocated to those who work for the NHS, police, local authorities, Ministry of Defence and many more. Ask the housing association for more information.

Useful links

Find out more about shared ownership in England

Find out more about shared ownership in Scotland

Find out more about shared ownership in Wales

Shared ownership providers

The following housing associations and developers have shared ownership properties available throughout the UK which you can enquire via this website: