Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Selborne Park

by VIVID

Alton, Hampshire, GU34 3HW

4 bedroom houses

From £57,000 for a 10% share
(From £570,000 Full Market Value)

Apply now for brand new 4 bedroom houses at Selborne Park in Alton! Alton is a bustling market town that boasts a number of local amenities and easy access to further away towns with great transport links. Most commonly associated as the home of the acclaimed Pride and Prejudice author, Jane Austen, it was also an important centre for brewing and manufacturing paper. Nowadays the thriving town has craft brewers carrying on the tradition including the Triple fff Brewery whose Alton’s Pride tipple can be found in local pubs.

Shared ownership

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Summer incentives now available!

Shared Ownership at Eastman Village

by Hyde New Homes

Harrow, Greater London, HA1 4GL

1 & 2 bedroom apartments

From £85,250 for a 30% share
(From £341,000 Full Market Value)

Summer incentive available! Benefit from up to £6,000 moving contribution on selected 1-bed apartments only in The Aspect Collection and up to £4,000 moving contribution in The Focus Collection. Terms and conditions apply. Prices start from £102,300 for a 30% share, based on a full market value of £341,000. Formerly the iconic Kodak factory, this emerging village is in the heart of a £10.7bn transformation area is perfectly located for easy access into central London, with over 2,000 new homes, offices, restaurants, cafes', shops and amenities being built around a six acre landscaped park which serves a new green link in the heart of residential Harrow. A brand new on-site carbon efficient energy centre will provide heating across the development, reducing carbon emissions by over 35%, meaning your brand new home could be up to 65% cheaper to run. Specialised landscaping will encourage bio-diversity throughout and the homes are designed with you in mind for modern city living. The homes boast contemporary specifications and comes complete with integrated appliances and quality flooring fitted at no additional cost, ensuring a hassle-free move-in experience. Why wait, make your move with only a 5% deposit! Find out more today. Marketing suite and Show Apartment is open Tuesday to Saturday 10am to 4pm by appointment only. The Hyde Difference • Over 90% customer satisfaction for 13 consecutive years • Experienced in-house sales team to help you with the process to owning your own home • Option to purchase more shares and own your home outright at any time • High specification as standard • Contemporary kitchen units with integrated appliances • NHBC warranty • Quality flooring included

Shared ownership

Orbit Homes at Priors Hall Park

by Orbit Homes

Corby, Northamptonshire, NN17 5BU

2 & 3 bedroom houses

£96,000 - £120,000 for a 40% share
(£240,000 - £300,000 Full Market Value)

We’re excited to bring you Orbit Homes at Priors Hall Park, a collection of 2 and 3-bedroom houses in Corby, Northamptonshire. These homes are built to our high all-inclusive specification with integrated kitchen appliances and all flooring included as standard. They are available to buy exclusively with Shared Ownership, offering a more affordable route to home ownership. • A selection of 2 and 3-bedroom houses • Well-connected to all major road networks through the A43 • A growing community with new local amenities • Nature reserve and wildlife site within the development • Set within 907 acres of parkland, Priors Hall Park offers the perfect balance of a well-connected, modern community, alongside landscaped green open spaces. This new community is already home to schools, play areas, a cafe, a district centre with a supermarket, plus an impressive amphitheatre and extensive outdoor space.

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: