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 & 4 bedroom houses

£142,500 - £180,000 for a 50% share
£285,000 - £360,000 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

The Pastures

by Linden Homes

Bideford, Devon, EX39 3GJ

3 bedroom houses

£142,500 - £157,500 for a 50% share
£285,000 - £315,000 Full Market Value

Discover contemporary 2, 3, and 4-bedroom homes at The Pastures in the historic port town of Bideford. Whether you're buying your first home, moving up the property ladder, or downsizing, these energy-efficient new builds offer a clean, modern design and a relaxed coastal lifestyle. Each home features stylish interiors and is thoughtfully designed for modern family living.Selected properties include bi-fold doors that extend living space into the garden, while open-plan layouts create a seamless flow and bright, airy spaces. Every brand-new Linden home offers excellent energy efficiency to help lower your bills, plus peace of mind with a 10-year NHBC Buildmark warranty included. Considering Shared Ownership? â' Estimate your monthly costs today

Shared ownership

Lovering View

by Aster Homes

Torrington, Devon, EX38 7DZ

2, 3 & 4 bedroom houses

from £25,000 for a 10% share
£245,000 - £382,500 Full Market Value

Brand new shared ownership homes in Great TorringtonWe are very excited to announce a brand new shared ownership development in Great Torrington - Lovering View, Devon! Where is Lovering View?Lovering View is nestled in the quaint North Devon town, Great Torrington. Great Torrington is a small historic, traditional and friendly market town set in the midst of rolling unspoilt countryside in the very heart of Tarka Country.This charming area overlooks the scenic River Torridge and offers easy access to the region's natural beauty, including the Tarka Trail and Dartmoor National Park. Located about 10 miles south of Bideford and 14 miles west of Barnstaple, Lovering View combines rural tranquility with convenient connections to nearby towns and amenities.What to do in Great TorringtonGreat Torrington has many admirable amenities. The town is fortunate to have a butcher, bakers and various shops offering high quality local produce. This charming little market town also boasts cafes, pubs, hairdressers, a post office and The Plough Arts Centre. Serving as a theatre, cinema, and art gallery, The Plough Arts Centre draws renowned performers and showcases productions by vibrant local theatre groups.Great Torrington provides education for children of all ages, from pre-school to senior school, with opportunities for further college education available in nearby Barnstaple. The town also offers a variety of sports and leisure activities, including a golf course, rugby club, football clubs and a leisure centre. Additionally, the famous Tarka Trail is easily accessible, offering 180 miles of scenic footpaths and cycle routes.Shared ownership in Great TorringtonThe smart step in buying your home. You might have thought that the cost of houses in Devon would be prohibitive in such a competitive market, but our homes in Lovering View are all for sale under our smart, simple shared ownership scheme.There are no catches - you just buy an affordable share and pay rent on the remaining amount. You can also increase your shares as your finances permit, this is called staircasing.It allows you to get your foot on the property ladder much more easily than buying outright. You can learn more about shared ownership, or just call us and we'll be happy to answer your questions.Find out how buying with shared ownership has helped people just like you achieve their home buying dreams with Aster!

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: