Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

SO Resi Oval Village

by SO Resi

Lambeth, Greater London, SE11 5SQ

Studio, 1 & 2 bedroom apartments

£47,000 - £72,000 for a 10% share
£470,000 - £720,000 Full Market Value

Now Launched Explore central London from SO Resi Oval Village, a stylish new development offering 46 studio, one- and two-bedroom homes in one of the city’s most vibrant and up-and-coming neighbourhoods. Located just moments from the River Thames, the historic Kia Oval Cricket Ground, and the charming Victorian gardens of Kennington Park, SO Resi Oval Village combines contemporary living with exceptional connectivity across the capital. With three stations within a 10-minute walk, life at Oval Village couldn’t be more convenient for enjoying everything London has to offer. Set in a highly desirable area, residents benefit from both peaceful parks and gardens, as well as the cultural buzz of the South Bank just a short stroll away. It’s the ideal location for those seeking a home that captures the spirit of a village in the heart of the city. Private outdoor space (balcony or terrace) for every home Fully integrated kitchen appliances for a seamless, high-spec finish Landscaped private resident courtyard providing tranquil green space Optional on-site gym membership Secure cycle storage within the development Children’s play area on site Adjacent Tesco supermarket for everyday essentials Excellent transport links with Oval, Vauxhall, and Kennington stations within a 10-minute walk Access to Kennington Park and Vauxhall Pleasure Gardens within minutes’ walk Prime Zone 1 location close to the River Thames, South Bank, and cultural hotspots

Shared ownership

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Zone Oval Village Shared Ownership

by Peabody New Homes

Charing Cross, Greater London, SE11 5BD

Studio, 1, 2 & 3 bedroom apartments and studio & 2 bedroom apartments

£118,750 - £197,500 for a 25% share
(£475,000 - £790,000 Full Market Value)

Explore Zone at Oval Village in an iconic Zone 1 location | Final collection of studio, 1 & 2-bedroom homes now availableThese stunning apartments are part of the Berkeley Oval Village development and offer unmatched, swift connectivity to anywhere in London, as well as a buzzing social scene from nearby Kennington and Vauxhall.The best part? In just 12 minutes residents can walk to the iconic River Thames for serene walks amongst many of the City's most famous landmarks which lay along its banks. Final 2-bedroom homes remaining! 3-Bedroom apartments now fully reserved.Key features:- Roof terrace & podium garden- 24-hour concierge service- Residents’ gym- Residents’ meeting room- 6-minutes to Bank, 9-minutes to London Bridge via the UndergroundRegister now to book your viewing appointment!Disclaimers & T&Cs*Residents' gym available for a monthly fee of £20 on a rolling contract.*Travel times estimates taken from Google Maps.*Images of residents' amenities provided by Berkeley.

Shared ownership

Castle & Victoria

by NHG Homes

Westminster, Greater London, SW1E 6DR

1 bedroom apartments

£168,750 for a 25% share
£675,000 Full Market Value

A rare opportunity to buy with shared ownership in one of London’s most sought-after postcodes. Located just minutes from Victoria Station and St James Park, Castle & Victoria comprises two newly renovated Victorian mansion blocks tucked away on a quiet tree-lined lane off one the capitals most prestigious streets - Buckingham Gate in London’s Zone 1. Castle and Victoria combine timeless elegance with affordability with each apartment sympathetically renovated to retain the period-style charm whilst offering the highest standard of modern comfort and style.

Shared ownership

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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: