Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Final shared ownership homes

Haddon Green

by Linden Homes

Great Haddon, Cambridgeshire, PE7 3TB

4 bedroom houses

from £103,750 for a 25% share
£415,000 Full Market Value

We're excited to introduce Haddon Green, a new development of 3, 4 and 5-bedroom new build homes in Great Haddon, just a short drive from Peterborough city centre, with easy access to the A1.

Shared ownership

The Quarry, Shared Ownership

by L&Q

Erith, Greater London, DA8 1FU

1 & 2 bedroom apartments

£63,125 - £86,875 for a 25% share
£252,500 - £347,500 Full Market Value

1 & 2 bedroom Shared Ownership apartments at The Quarry, Erith - register your interest to find out more!Prices start from £63,125 for a 25% share in a 1 bedroom apartment. Full market value from £252,500Prices start from £86,875 for a 25% share in a 2 bedroom apartment. Full market value from £347,500Winner of Best Large Development at the First Time Buyer Readers' Awards 2022!What is Shared Ownership?Shared Ownership allows you to buy a home, in an affordable way, in the area you know and love. It allows you to buy a share of your home - between 25% and 75%, with as little as a 5% deposit. You pay a mortgage on the share you own and rent the remaining share at a subsidised rate. You can increase your share in your home and staircase up to a larger share, and eventually full ownership.The Quarry, ErithThe Quarry is a truly impressive eco-development set to breathe new life into the disused Erith Quarry site which has been neglected for the past 40 years, and will be transformed into a collection of new brand new homes. Located in Erith, The Quarry will become a commuter's paradise, located just 30 minutes by train from central London and easily accessible via the Elizabeth line from Abbey Wood and Woolwich stations.Key featuresFuture village green for local residents & nature reserve on-siteClose proximity to Erith Railway stationAllocated residents' parking included with every homePrivate garden to every house and private balcony to every apartmentA wide range of schools all rated 'Outstanding' or 'Good' nearbyBrand new Lime Wood Primary School opened in September 2023Tranquil setting with Central London accessible in 30 minutes via the Elizabeth LineErith Leisure centre is just 15 minutes walk awayOn-site Sainsbury's Local coming soon The Quarry is a bold new vision for what urban living can look like. A one-of-a-kind urban village, where everything here has been designed around the things that make people happy and lives fulfilled. *Imagery depicts typical L&Q show home photography and specification may differ in our upcoming release. CGIs for illustrative purposes only. Floor plans depict typical 1 and 2 bedroom apartment layouts and are awaiting full sign off. Shared Ownership terms and conditions apply. Please visit lqhomes.com/sharedownership for more information.Register your interest today!

Shared ownership

Redwing Court

by Bairstow Eves

Hendon, Greater London, NW9 6GU

1 & 2 bedroom apartments

From £88,125 for a 25% share
(From £352,500 Full Market Value)

Square Roots Hendon is setting new standards in Shared Ownership. Stylish developments with a high quality finish and specification with communal gardens and roof terraces. Square Roots Hendon comes with exceptional customer care giving you peace of mind after you have moved in. Square Roots Hendon is a development of 236 Shared Ownership apartments within 4 separate blocks, creating a community within a community all within a short walk of Hendon Thameslink Station, allowing fast access into London and beyond. A selection of 1 & 2 bedroom spacious apartments are available in Redwing Court, the first phase to be released. Designed with modern living in mind, the apartments are spacious with lots of natural light and all come with private balconies or patios. Ready to move into, please contact us to make an appointment.

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: