Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

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The Restorey, NW10

by Sovereign Network Group

Park Royal, Greater London, NW10 7SR

1 & 2 bedroom apartments

£80,000 - £125,000 for a 25% share
£320,000 - £500,000 Full Market Value

Join us for an unmissable Spring planting workshop & Open Event! On Saturday 16th May, come along to discover stunning 1 & 2 bed apartments, have all your Shared Ownership questions answered & some gardening fun. Book your space. Ready to move in! A collection of 1 & 2 bed Shared Ownership apartments located in the heart of the Old Oak and Park Royal regeneration area, set to be one of the capital’s most vibrant districts. Reserve a home and get £5,000 to help with your move!† This car free development is set around landscaped gardens and benefits from excellent local amenities and restaurants, as well as plenty of cycle storage and fantastic bus routes to help keep you connected. Each apartment comes equipped with Zanussi integrated appliances, floor-to-ceiling windows, built-in wardrobes to the main bedroom and a private balcony/terrace area. Many of our apartments have extensive views across London and surrounds, and all have access to a central courtyard garden. • Ready to move into & available to view • 7 minutes' walk to ASDA supermarket^ • 16 mins walk to Harlesden Station (Bakerloo line)^ • West Acton (Central Line) and Acton Mainline station (Elizabeth Line) within 30 mins walk^ • Integrated appliances included • Private balcony/terrace for each plot • Car free development with no parking Shared Ownership at The Restorey gives you the opportunity to buy a share of your new home, starting at 25%, or more depending on what you can afford. The rest is owned by Sovereign Network Group (SNG) and you pay a subsidised rent on this portion in addition to your own mortgage. There will be a service charge payable to cover the cost of communal maintenance and this includes the buildings insurance. ^Travel times are taken from google.co.uk/maps and are approximate only. Images and CGI’s are for illustration purposes only. †Cash back available when you reserve specific apartments, the amount is removed off the completion funds & eligibility criteria applies. Shared Ownership T&C’s apply. See sng.org.uk for details.

Shared ownership

Axion House

by Mann

Lewisham, Greater London, SE13 7GE

1, 2 & 3 bedroom apartments

From £102,500 for a 25% share
(From £410,000 Full Market Value)

A brand new, development for shared ownership which are now fully completed and ready for occupation immediately. Situated beside the River Ravensbourne, in the heart of Lewisham Centre, with excellent transport links to central London and Canary Wharf. The development comprises a range beautifully designed and constructed 1, 2 & 3 Bedroom apartments and duplexes which have been carefully thought through to maximise living spaces. Call our Lewisham Office today to register your interest and arrange a viewing one of stunning homes.

Shared ownership

Kiln Nook

by Your Housing Group

Burslem, Staffordshire, ST6 3AZ

2 bedroom houses

£84,000 for a 40% share
£210,000 Full Market Value

Final plot remaining on site! Discover your dream home at Kiln Nook, our latest development of 43 affordable new homes in Burslem. At Kiln Nook, you will find a perfect blend of two and three-bedroom homes suitable for first-time buyers and families. Homes at this exciting new development will be available through shared ownership, Rent to Buy and affordable rent. With it's historic location and as a part of the bustling city of Stoke-on-Trent, Kiln Nook is the ideal development for first time buyers and growing families. Key details: Two and three-bedroom houses Available for shared ownership, Rent to Buy and affordable rent Spacious and open plan layouts Contemporary tiling and designer taps in bathrooms En-suite bathroom on selected house types Patio doors Off street parking Electric car charging points Solar panels fitted to all properties Turfed front and rear gardens

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: