Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Last Remaining Home!

Laurelwood

by PA Housing

Walton-on-Thames, Surrey, KT12 2TD

2 bedroom apartments

£40,500 for a 10% share
£405,000 Full Market Value

All homes are now reserved!PA Housing is proud to present an impressive collection of 52 stylish and energy-efficient one and two-bedroom apartments - with a host of added benefits, including a brand new ground floor preschool for our youngest residents.Set in a prime location overlooking green space, Laurelwood offers high quality homes in an attractive living environment. A stone's throw from the River Thames and within easy reach of a wealth of shopping, entertainment and leisure attractions, plus fast transport links into the heart of London.

Shared ownership

Pershore Road

by Rooftop Housing Group

Evesham, Worcestershire, WR11 2AA

2 & 3 bedroom houses

£135,000 - £158,750 for a 50% share
(£270,000 - £317,500 Full Market Value)

Phase 1 and 2 now released for early off plan reservation. Please speak to Rooftop for availability. Rooftop Housing Association, in partnership with Stonebond is proud to introduce an exciting collection of 27 shared ownership homes coming soon to Evesham. This well designed development will offer a mix of 2 and 3 bed houses, ideal for first time buyers and growing families. Each home will combine modern layouts with quality finishes, creating comfortable energy efficient living in a well connected location. ‍ This site is located in the picturesque, historic market town of Evesham which sits alongside the River Avon and beautiful Abbey Park. Situated to the West in Hampton, this development is 2 miles away from the town centre. Shops are centred around two long roads with a variety of shops, cafes, banks, hairdressers, beauty salons and restaurants plus a regular market every Saturday. There is a leisure centre, cinema, doctors’ surgery and three supermarkets within a 5 minute drive. The area benefits from several primary and secondary schools all within a 30-minute walk or short drive from this development, including Prince Henry’s High School rated by Ofsted as outstanding. Hampton itself is well served by local amenities including Hampton Farm shop providing locally produced goods and produce. This site is located just 2.2 miles from Evesham Railway Station, where regular services run to Oxford, London, Worcester, and Hereford. The area has excellent transport links with the M5, M40 and M42 providing access to London, Birmingham, Bristol, Cheltenham, and Gloucester. The nearest airport is Birmingham International, which is a 40 minute drive from Evesham. It is under 20 miles from Worcester, Cheltenham and Stratford Upon Avon.

Shared ownership

Axion House

by Mann

Lewisham, Greater London, SE13 7GE

1, 2 & 3 bedroom apartments

From £102,500 for a 25% share
(From £410,000 Full Market Value)

A brand new, development for shared ownership which are now fully completed and ready for occupation immediately. Situated beside the River Ravensbourne, in the heart of Lewisham Centre, with excellent transport links to central London and Canary Wharf. The development comprises a range beautifully designed and constructed 1, 2 & 3 Bedroom apartments and duplexes which have been carefully thought through to maximise living spaces. Call our Lewisham Office today to register your interest and arrange a viewing one of stunning homes.

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: