Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Available now!

The Woodlands at Halsnead Garden Village

by Your Housing Group

Whiston, Merseyside, L35 3PW

2 & 3 bedroom houses

£92,000 - £106,000 for a 40% share
£230,000 - £265,000 Full Market Value

Discover your dream home at The Woodlands, our latest development of 158 affordable new homes in the newly created Halsnead Garden Village. At The Woodlands, you will find a perfect blend of two, three and four-bedroom family homes and one-bedroom apartments. Homes at this exciting new development are available through shared ownership and affordable rent. The Woodlands at Halsnead Garden Village is ideal for first time buyers and growing families. Show home now open! Register your interest today to secure your dream home in this sought after location.

Shared ownershipGreen features

Orchard View

by Your Housing Group

Northwich, Cheshire, CW9 7BL

3 & 4 bedroom houses

£122,000 - £158,000 for a 40% share
£305,000 - £395,000 Full Market Value

Orchard View is our stunning development of 150 new homes in the Rudheath area of Northwich. Orchard View will bring more high-quality, affordable housing to Northwich and features a selection of two, three, and four-bedroom houses and one-bedroom apartments. With excellent local amenities close by, Orchard View is ideally located for your wants and needs. Key details: Two, three & four-bedroom houses Integrated appliances Turfed rear gardens Parking for all properties Electric car charging points on all houses and apartments Solar panels installed on all properties

Shared ownershipGreen features

Bakers Court

by Your Housing Group

Wigan, Greater Manchester, WN2 1HB

2 & 3 bedroom houses

£98,000 - £118,000 for a 40% share
£245,000 - £295,000 Full Market Value

Introducing Bakers Court, Wigan a charming development of 38 homes featuring two and three-bedroom properties. Located just outside Wigan town centre, Bakers Court is the perfect place for those looking to take their first step onto the property ladder or find more space for a growing family. Key details: - Two and three-bedroom houses - Spacious and open plan layouts - Contemporary tiling and designer taps in bathrooms - Patio doors to private gardens - Driveway parking - Electric car charging point - Solar panels fitted to all properties

Shared ownershipGreen features

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: