Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Move In For Christmas | Up To £5000 Incentive* | Shared Ownership

Amour Court

by Barnard Marcus

Park Royal, Greater London, NW10 7RW

1 & 2 bedroom apartments

£107,500 - £121,250 for a 25% share
(£430,000 - £485,000 Full Market Value)

WHY RENT WHEN YOU CAN BUY | Offering the best of open-plan living, this fantastic development of 1 & 2 bedroom Shared Ownership apartments is in one of the most exciting regeneration areas of London, conveniently placed in Zone 3, you'll benefit from excellent connectivity with access to cycle paths along the canal into London, a nearby bus stop, and plenty of London underground station options, allowing you to travel with ease, including the forthcoming HS2. Stylish indigo and white kitchen units provide plenty of space with fully integrated appliances including an electric oven, hob, extractor fan, dishwasher and fridge/freezer; a free-standing washer/dryer is located in the utility cupboard. Bedrooms are bright and spacious, with built in wardrobes offering plenty of storage. The development further benefits from peaceful communal gardens and private balconies to the apartments with far-reaching views. SHARED OWNERSHIP: You buy the share you can afford and pay rent on the share that's left. BENEFITS INCLUDE: Affordable monthly mortgage payments (compared to full ownership) | Ability to buy more shares in your home via staircasing | Opportunity to build your equity Shared Ownership could be for you if: You are over the age of 18 | Your household income is less than £90,000 | It will be the only property you own Up to £5000 Incentive is plot specific, T&Cs apply ask for details. Images and showreel for demonstration purposes only.

Shared ownership

Prime Point, Shared Ownership

by L&Q

Greenwich, Greater London, SE10 0JT

Studio, 1 & 2 bedroom apartments

£85,625 - £135,000 for a 25% share
£342,500 - £540,000 Full Market Value

Reserve a selected Shared Ownership home between the 13th September - 31st October and enjoy £4,000 towards buying costs*Prime Point, Greenwich PeninsulaA brand new collection of Manhattan Studios, 1 & 2 bedroom Shared Ownership homes designed for modern London living.Prices from £85,625 for a 25% share of £342,500, with a minimum deposit of £8,563.Each home offers private outdoor space, fully integrated appliances and concierge access. Located just an 8-minute walk from North Greenwich Underground Station, Prime Point places the best of London right at your doorstep.Enjoy a sanctuary by the river in a Zone 2/3 location that brings the city's brightest experiences closer than ever.Book a viewing today: lqhomes.com/primepointKey features:Concierge availablePrivate outdoor space to all homesFully integrated appliancesLandscaped communal gardens and bright open spacesOverlooking the beautiful Central Park8 minute walk to North Greenwich Underground Station, Zone 2/3Only 9 minutes to Canary Wharf via the undergroundWith the IFS Cloud Cable Car nearby, Greenwich Peninsula provides a unique and scenic mode of transportGreenwich Park, an iconic landmark, is just an 8-minute cycle awayWith The O2 arena right at your doorstep, London's iconic live music venue, you'll enjoy convenient access to numerous shops, cafes, bars, and restaurants nestled within What is Shared Ownership?Shared Ownership is for anyone who doesn't currently own a home. If you want to get on the property ladder, but can't afford to buy outright on the open market, then Shared Ownership could be for you. Under the Shared Ownership scheme you part-buy/part-rent your home, making it possible for first-time buyers and families to get on the property ladder.The minimum share you can purchase is 25% and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don't own. As your income rises, you can increase the share you own until you eventually own 100%.Book your viewing today!L&Q terms and conditions apply. *Incentive terms and conditions apply. For full terms and conditions visit lqhomes.com/terms-and-conditions. Shared Ownership terms and conditions apply. Prices start from £85,625 for a 25% share of a Manhattan Studio apartment at Prime Point. Full market value of £342,500. Please visit lqhomes.com/shared-ownership for more information.

Shared ownership

Galloways Reach

by Snugg Homes

Galgate, Lancashire, LA2 0JG

2 bedroom bungalows

From £53,250 for a 25% share
(From £213,000 Full Market Value)

These stunning 2 bedroom mews bungalows are constructed to the highest specifications and provide quality, contemporary living. These beautifully appointed houses boast a modern open plan fitted kitchen/family room to the rear and a single and double bedroom to the front. Each property has a contemporary 3 piece bathroom and extra storage. All this is complemented by flooring in the wet areas, a landscaped garden, off-road parking, gas central heating, smoke detectors, stylish uPVC doors & windows and neutral decor throughout. Please note, the bungalows are brick.

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: