Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Regency Park

by Midland Heart Housing Association

Castle Donington, Derbyshire, DE74 0AJ

3 bedroom houses

From £118,000 for a 40% share
(From £295,000 Full Market Value)

Brand New 3 Bedroom Semi-detached Houses available to buy on Shared Ownership with Midland Heart. These affordable new homes are located on the new William Davis Homes development called Regency Park on the edge of Castle Donington, near Derby. Local shops, cafes, pubs, restaurants & good schools are all within easy reach & the location offer excellent travel links to nearby towns & cities. • 3 Bedroom Semi-detached Houses - £118,000* • Kitchen/Diner with oven & hob • Parking for 2 vehicles • Sought after location • Available on the new Shared Ownership scheme with a 990 year lease These energy efficient new homes come with an impressive specification as standard including flooring/carpets throughout, modern fitted kitchen/diner with oven & hob, a private garden and parking for 2 vehicles. PRICE 3 Bedroom from £295,000 (100%) 40% share = £118,000 Rent = £405.63 Plus the following monthly charges: Management Charge: £22.00 Buildings Insurance: £19.76 Service/Estate Charge: £15.88 Shared Ownership is ideal for first time buyers, or anyone who qualifies, and cannot afford to buy outright to get onto the property ladder. It is great if you have limited savings, as you only need a deposit for the share you buy. Contact us today for more information and see how we can help you buy your very own home. *This is the price for our target share of 40% - a lower or higher share is available upon request & will be based on affordability, proceed ability & sustainability. There are opportunities to buy more shares to own 100% of the property in the future. Buyers will be considered on first come first served basis (assuming affordability, proceed ability & sustainability checks are met). Buyers need to demonstrate maximum affordability which will be determined via a Mortgage advisor prior to any agreed sale. Amount advertised is subject to change. An additional monthly rental charge applies that includes rent, buildings insurance, estate and management charge but excludes any mortgage payment. ^Images/photographs shown are for illustrative purposes only.

Shared ownership

Mansion House – Port Loop

by Spicerhaart

Birmingham, West Midlands, B16 0AF

2 bedroom apartments

From £68,750 for a 25% share
(From £275,000 Full Market Value)

Welcome to Mansion House, Birmingham’s newest canal side apartments, located at the award-winning Port Loop development. Designed by shedkm architects, these modern two-bedroom homes offer spacious and bright living areas, with large windows and high ceilings that flood the interiors with natural light. Each apartment features a private balcony, generous living spaces, and a dual-aspect design. Key Features: * Bright, Spacious Living Areas: Open-plan designs with large windows. * Two Bedrooms: Thoughtfully designed for comfort. * High Ceilings: Creating an airy, grand ambiance. * Private Balcony: Your own outdoor retreat. * Modern Features: State-of-the-art appliances and sleek interiors. * Community Focus: Small groups of apartments with shared entrances to foster a sense community and connection. Port Loop Community: Situated in a vibrant community, Mansion House offers easy access to local amenities, parks, shops, and cultural attractions. Nestled between Birmingham Canal Old Line and the Birmingham Canal, Port Loop is just a 15-minute walk from Birmingham city centre. Its island location was once the industrial heart of the city, so the tow paths that served it provide superb, direct routes to the city centre. You can go by foot or jump on a bike. This is more than just a home; it’s a lifestyle that values sustainability and neighbourly connections.

Shared ownership

Navigators Walk

by Bellway

Margate, Kent, CT9 4HD

2 & 3 bedroom houses

£116,000 - £146,000 for a 40% share
£290,000 - £365,000 Full Market Value

Navigators Walk is a development of new homes located in Margate, Kent. Offering a selection of 2, 3 and 4-bedroom homes, this site is sure to appeal to various potential homebuyers, including first-time buyers, growing families, and downsizers.

Shared ownership

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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: