Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

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Kingston Wharf

by Hyde New Homes

Shoreham by Sea, West Sussex, BN43 6RN

1 & 2 bedroom apartments

From £69,750 for a 30% share
(From £232,500 Full Market Value)

Benefit from up to £2,000 moving contribution on all new reservations of selected homes in our Merchant Place building. Terms and conditions apply. Prices start from £69,750 for a 30% share, based on a full market value of £232,500 for a one-bedroom apartment. Set in a great regeneration area along the River Adur and not far from Shoreham beach. With easy access to Shoreham and Southwick train stations, with direct access links into Brighton, Portsmouth, Chichester or London Victoria. Shoreham-by-Sea is a thriving lively community, with loads of independent shops, restaurants or coffee shops just round the corner from the development. Once known as Shoreham’s commercial port, the area is undergoing a real transformation under the large regeneration project that will create a lovely coastal destination with increased local amenities and a flourishing economy. Get on the property ladder with shared ownership at Kingston Wharf and experience modern coastal living at its finest. With a great choice of quality specification, modern kitchens with integrated appliances, flooring included throughout and individual private space to each home, Kingston Wharf is a great place to make your home. Marketing suite and Show Apartment is open Tuesday to Saturday 10am to 4pm by appointment only. Why buy at Kingston Wharf Riverside views & tranquil surroundings Balconies to all homes Individual solar panels to each home Allocated parking to selected homes Excellent transport links to Brighton & London The Hyde Difference High specification as standard Contemporary kitchen units with integrated appliances Quality flooring included Specialist in-house sales team Over 90% customer satisfaction for 13 consecutive years

Shared ownershipGreen features

£5,500 Deposit Boost available

Crescent Gardens

by Regenta

Croydon, Greater London, CR0 6GN

2 bedroom apartments

From £110,000 for a 25% share
(From £440,000 Full Market Value)

£5,500 Deposit Boost available Crescent Gardens offers a stunning new collection of two bedroom Shared Ownership apartments set in vibrant East Croydon. Crescent Gardens is in one of the best locations in East Croydon to benefit from the amazing travel connections. It is the perfect place to put down roots in a home of your own and enjoy all that this location has to offer. In this central spot you'll always find something new to discover whether it's indulging in some retail therapy, heading to a concert or enjoying the taste of a new cuisine.

Shared ownership

The Aura

by Hexagon Housing Association

Greenwich, Greater London, SE10 0AP

1, 2 & 3 bedroom apartments and 2 & 3 bedroom duplexes

From £90,000 for a 25% share
(From £360,000 Full Market Value)

The Aura presents an exciting new collection of 1, 2 & 3 bedroom apartments and duplexes, all available through the Shared Ownership scheme in the heart of Greenwich, just a 15 minute walk to Maze Hill station and Greenwich Park. Residents will benefit from a contemporary specification throughout, with features such as stone worktops and integrated appliances to the kitchens, as well as underfloor heating and outside space to most properties.

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: