Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Cleeve Gardens

by Platform Housing Group

Bishops Cleeve, Gloucestershire, GL52 8SJ

2, 3 & 4 bedroom houses

From £126,000 for a 40% share
(From £315,000 Full Market Value)

Welcome to Cleeve Gardens - an exciting new development positioned at the heart of an area of outstanding natural beauty. Comprising a selection of 2, 3 and 4-bedroom homes all ready to buy through Shared Ownership, Cleeve Gardens is located in Bishops Cleeve - nestled on the edge of the Cotswolds and just outside of Cheltenham. Ideal for both families and first-time buyers alike, Cleeve Gardens will offer the best of both worlds - a new standard of contemporary living, in and around the most desirable countryside vistas in the UK.

Shared ownership

The Key at Wood Green

by ISHA

Wood Green, Greater London, N22 6FA

1, 2 & 3 bedroom apartments

From £96,250 for a 25% share
(From £385,000 Full Market Value)

A development of two impressive apartment buildings set around a central communal garden, located in the heart of vibrant Wood Green

Shared ownership

Woodland Edge

by William H Brown

Bradford, West Yorkshire, BD4 6DR

Last 2 bedroom house

£142,500 for a 75% share
(£190,000 Full Market Value)

The Arun is a stylish two-bedroom home ideally located in Bierley, close to shops and good transport links. These modern, energy efficient homes are perfect for first-time buyers and families alike. The contemporary open plan living area of the ground floor also includes a handy W.C, and storage. In the kitchen you'll find a stylish Symphony fitted kitchen, with soft close drawers and cupboards, finished with matching worktops and upstands.The living space includes French doors which open up to give you easy access to the turfed rear garden, perfect for those sunny days and warmer evenings. On the first floor there's a double bedroom plus a further spacious single bedroom plus a modern family bathroom with white sanitaryware and a shower over bath. These stylish homes also benefit from flooring fitted throughout, solar panels plus an EV charging point. Development Location Our brand-new two and three-bedroom homes located at Woodland Edge in Bradford have been thoughtfully designed to suit a range of lifestyles and - thanks to Shared Ownership - they're more affordable too. Built to a high specification with energy efficiency in mind, the homes all feature good sized living areas, storage and private rear gardens. Excellent amenities are within easy reach plus access to local transport links with the A1677 ring road and M606 nearby, giving access to Bradford city centre and linking to the M62. For anyone who enjoys the outdoors, Woodland Edge is a great choice, with beautiful green open space and countryside on your doorstep plus a wide variety of attractions and places of interest.

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: