Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Bay View

by Linden Homes

Northam, Devon, EX39 1BJ

3 bedroom houses

£99,750 for a 35% share
£142,500 for a 50% share
£285,000 Full Market Value

Located on the stunning North Devon coast; Bay View is an exciting development of 2, 3 and 4 bedroom homes, ideally suited to couples and families alike.Our new homes in Northam have been thoughtfully designed to complement their surroundings-modern in style yet perfectly in keeping with the area's traditional charm. If you've dreamed of life by the sea, our Bay View development offers a coastal retreat with plenty to enjoy. With a choice of homes in varying sizes and layouts there is something for everyone at Bay View. Plus with schemes available to help you move, buying new could be easier than you think! What's my budget? â' Calculate how much you could afford Considering Shared Ownership? â' Estimate your monthly costs

Shared ownership

Launching Saturday 4th July!

The Zinc Works - Shared Ownership

by Red Loft

Acton, Greater London, W3 9EQ

1 & 2 bedroom apartments

£103,750 - £147,500 for a 25% share
£415,000 - £590,000 Full Market Value

1 & 2-bedroom Shared Ownership apartments in Acton launching Saturday 4th July!Perfectly situated in the heart of Acton, one of West London's greenest and most well-connected neighbourhoods, this striking new development offers a collection of contemporary 1- and 2-bedroom apartments for sale through Shared Ownership. Launching this summer, buyers at The Zinc Works will benefit from the independent shops, cafes, bakeries and restaurants of Acton. Also nearby is the popular Acton Market, just a few minutes' walk away, offering an eclectic blend of fresh produce, street food, and other unique finds.Buyers will be spoilt for choice for commuting into central London, with three train stations to choose from: Acton Mainline (on the Elizabeth Line), Acton Central (Mildmay Overground) and Acton Town Station (Circle, District and Picadilly Lines) - all within a mile of the development. Surrounded by some of west London's most popular green spaces, Acton offers easy access to Gunnersbury Park, Acton Park and Ealing Common, to name but a few, perfect for relaxing and unwinding in nature.Key FeaturesThese stunning new apartments are crafted with contemporary living in mind, offering the following features:Large windows for maximising natural lightGenerous private balconies, many with far-reaching viewsSleek contemporary kitchens with integrated white goods, induction hob, dishwasher, single oven, fridge freezer, and washer dryerDual aspects to some apartmentsEn-suites to some 2-bed apartments. Register your interest now to be one of the first to view the show home, or to find out more!

Shared ownership

Cotterstock Meadows

by Platform Housing Group

Oundle, Northamptonshire, PE8

2 & 3 bedroom houses

£114,000 - £136,000 for a 40% share
£285,000 - £340,000 Full Market Value

Introducing Cotterstock Meadows, a beautiful new development at the heart of Northamptonshire, comprising modern two and three-bedroom homes.Set amidst beautiful Northamptonshire countryside and just minutes from the market town Oundle, Cotterstock Meadows is the definition of countryside escape.Each of the two and three-bedroom properties within the development is designed with a truly contemporary lifestyle in mind; maximising modern design, natural light and sustainable features to create your dream space.Oundle is just minutes away, the quintessential market town that offers everything you’d expect: a safe environment, buildings full of history and plenty to keep you occupied.Cotterstock Meadows will add new affordable homes to a highly desirable part of the country, whilst also establishing a new benchmark for quality in the local market, ensuring that more people can buy their dream home in Northamptonshire. Amenities Nearby Countryside Location First Phase Schools Nearby Transport links Viewings Available

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: