Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Dracan Village at Drakelow Park

by Midland Heart Housing Association

Burton upon Trent, Staffordshire, DE15 9UA

3 bedroom houses

From £53,750 for a 25% share
(From £215,000 Full Market Value)

Shared Ownership - Brand New 3 Bedroom Houses available to buy with Midland Heart These affordable new homes are located at Dracan Village - Drakelow Park, a popular new neighbourhood less than 4 miles south of Burton on Trent. The area offers a great choice of shops, schools and transport links within very easy reach. • The Cedar 3 Bedroom Terrace Houses – from £53,750* • £1,000 Cashback^ on a selected plots • Located at Drakelow Park, a new neighbourhood close to Burton on Trent Our homes come with an impressive specification as standard including flooring/carpets throughout, modern fitted kitchens with oven & hob, a private garden and parking. Shared Ownership is ideal for first time buyers, or anyone who qualifies, and cannot afford to buy outright to get onto the property ladder. It is great if you have limited savings, as you only need a deposit for the share you buy. Price 3 Bedroom from £215,000 (100%) 25% share = £53,750* Rent = £369.53 Plus the following monthly charges: Management Charge: £22.00 Buildings Insurance: £19.76 Estate Charge: £3.29 Don’t miss out on these affordable homes - contact us today to find out more. *The Price advertised is for a 25% share, it is not the minimum or maximum that is available for purchase. Other shares are available upon request & will be based on affordability, proceed ability & sustainability. There are opportunities to buy more shares to own 100% of the property in the future. ^£1,000 Cashback^ available on selected plots - subject to terms and conditions and only payable upon completion by specific date (dependent upon plot). Amount advertised is subject to change. Revised prices apply to plots with solar panels. An additional monthly rental charge applies that includes rent, buildings insurance, estate and management charge but excludes any mortgage payment. ^Images/photographs shown are for illustrative purposes only.

Shared ownership

Abbot Walk

by Persimmon Homes

Chatteris, Cambridgeshire, PE16 6UA

2 & 3 bedroom houses

£120,000 - £157,500 for a 50% share
£240,000 - £315,000 Full Market Value

Welcome to Abbot Walk – modern new homes in charming Cambridgeshire Abbot Walk is an exciting development of two, three, four and five-bedroom homes in the lovely town of Chatteris. These energy-efficient new builds in Cambridgeshire are designed for modern living, offering practical layouts and stylish finishes. Perfect for first-time buyers, families and downsizers, Abbot Walk combines a semi-rural setting with excellent local amenities. Stylish new houses for sale Chatteris Set on the edge of town, Abbot Walk offers a peaceful location with easy access to everything you need. The development is thoughtfully planned, with green spaces and a welcoming community feel. Chatteris itself is full of character, with independent shops, cafes and a weekly market selling local produce. New build homes with excellent transport links to Cambridge and Peterborough These new builds Cambridgeshire has to offer are ideally placed for commuters. The A141 and A142 provide easy road links to Huntingdon, Ely and Cambridge, while March train station is just 8 miles away, offering direct services to Peterborough and Cambridge. Everything you need on your doorstep Chatteris has a great range of amenities, including supermarkets (Aldi is just 0.3 miles away), schools, healthcare facilities and leisure options. There is also a library, community hub and cinema as well as weekly markets, making it easy to feel at home from day one. Explore the outdoors in Chatteris Enjoy the scenic beauty of the Fens with countryside walks and cycle routes nearby. For a change of pace, the historic cities of Cambridge and Peterborough are less than an hour away, offering shopping, dining and cultural attractions. Ready to make your move? To explore our new houses for sale in Chatteris and start your new build journey, speak to one of our sales advisors today.This development offers the following schemes:Forces Help to Buy Scheme: Support for British Armed ForcesBank of Mum and DadPart Exchange your homeHome ChangeEarly Bird SchemeDeposit Boost: 5% Deposit Contribution SchemeArmed Forces, Key Workers & NHS Discount SchemeOwn NewNew Build BoostSchemes are available on selected plots only, subject to status, terms and conditions apply. Contact the development for latest information.The unique landscape of the Fens means there are endless places to explore nearby, from relaxing walks at Little Acre Fen Pocket Park, to adrenaline-fuelled activities at North London Skydiving Centre. Sports enthusiasts have a wide array of facilities to choose from, including Lakeside Lodge Golf Centre, Witcham Equestrian Centre, a Total Wipeout style course at Fenland Aqua Park, and of course the activities on offer at the local leisure centre and recreation ground.Despite the peaceful surroundings, Chatteris is well-positioned for reaching larger centres. The town sits on the A141, which leads north to March and south to Huntington. Peterborough can be reached by car in around 40 minutes, while the A142 provides access to Ely in 21 minutes and historic Cambridge in 50 minutes. The nearest train station is in March, which operates direct regular services to Cambridge, Peterborough and Ely, with connecting routes to London.Monday 10:00 - 17:00, Tuesday Closed, Wednesday Closed, Thursday 10:00 - 17:00, Friday 10:00 - 17:00, Saturday 10:00 - 17:00, Sunday 10:00 - 17:00

Shared ownership

Herons Lake

by Abri Homes

Theale, Berkshire, RG7 5JQ

2 bedroom apartments and 2 & 3 bedroom houses

£171,500 for a 35% share
£136,000 - £148,000 for a 40% share
£340,000 - £490,000 Full Market Value

Herons Lake is a new collection of two, three and four bedroom homes offering Shared Ownership in Reading. Nestled in the charming village of Theale, these homes put everyday conveniences close at hand, from local shops and cafés to friendly pubs along the high street. Need a quick trip into town? Reading is just 15 minutes by car, with plenty to see and do. Surrounded by parks and waterside walks, Herons Lake brings a perfect balance of village calm and city connections for anyone looking to settle in the area. Tenure: Leasehold. Length of lease: 990 years. Reservation fee: £500. Predicted council tax band: New build properties, band to be determined. Service charge is reviewed once a year.

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: