Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Aurelle

by Auxesia Homes

Killamarsh, South Yorkshire, S21 1NB

2 & 3 bedroom houses

£130,000 - £142,500 for a 50% share
(£260,000 - £285,000 Full Market Value)

We are delighted to announce that these highly anticipated homes at Aurelle are now available to reserve off-plan, meaning there is nothing ready to view. We appreciate your patience also and Lindsay will be calling you on Monday to qualify that you are initially eligible for the shared ownership scheme. Shared Ownership Eligibility To be eligible for Shared Ownership, you must: • Not own another property at the time of purchase. • Have a total household income of £80,000 or less per year. • Have sufficient savings to cover the deposit and legal costs. • Be unable to afford a suitable home on the open market A fantastic opportunity to purchase a brand-new 2/3 bedroom home at Aurelle, a beautiful new development by Homes by Honey, in Killamarsh. Whether you’re looking to take your first step onto the property ladder or simply want the benefits of owning a modern,energy-efficient new home, shared ownership at Aurelle could make your move more achievable. Set within a growing community surrounded by green open space and beautiful countryside, Aurelle offers the perfect balance between village living and excellent connections to Sheffield,Rotherham and beyond. Modern living, made easier, these thoughtfully designed new homes have been created for contemporary lifestyles, with bright and welcoming interiors and well-planned living spaces. The properties features include electric car charging points, solar PV panels and energy-efficient heating, lighting, and windows. Designed with both comfort and efficiency in mind, helping you enjoy modern living while keeping an eye on energy use and household running costs. Reservations are being accepted off-plan, and due to the high level of anticipated interest, response times may be up to 72 hours. We appreciate your patience.

Shared ownershipGreen features

Leighwood Fields

by VIVID

Cranleigh, Surrey, GU6 8RW

2 & 3 bedroom houses

From £103,750 for a 25% share
(From £415,000 Full Market Value)

Built by Berkeley Homes, these attractive new houses are set in a desirable location. Situated in the beautiful village of Cranleigh, approximately eight miles southeast of Guildford in Surrey, the development is close to the A281, providing easy links between Guildford and Horsham. Set between the rolling landscapes of the North and South Downs, Cranleigh is an area of outstanding natural beauty. This historic market village offers the perfect balance of modern convenience and traditional village charm, with a peaceful atmosphere that continues to attract homeowners seeking a high quality of life. Cranleigh itself is a large and vibrant village with a wide range of useful amenities. It boasts a thriving selection of independent restaurants, pretty cafés and a strong local arts scene. Outdoor enthusiasts are well catered for, with dozens of scenic walking and cycling routes nearby. With Guildford and Horsham both just a short drive away, and London reachable in around an hour and a half (from Guildford train station), Cranleigh is ideally suited to commuters while remaining a tranquil place to call home.

Shared ownership

Aston Grange

by Shipways

Gaydon, Warwickshire, CV33 8AH

3 bedroom houses

From £82,500 for a 25% share
(From £330,000 Full Market Value)

Aston Grange features a beautiful selection of one and three-bedroom Shared Ownership homes, nestled in the picturesque Warwickshire countryside. Designed to meet the needs of first-time buyers, professional couples, and growing families, these homes offer the ideal balance of quality, affordability and location.

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: