Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

King Edward's Park

by Persona Homes

Morpeth, Northumberland, NE61 2NU

2 bedroom houses

From £51,250 for a 25% share
(From £205,000 Full Market Value)

Set in a secluded location our collection of two and three-bedroom homes is a smart choice for family living. Available with shared ownership this is the perfect way to get your foot onto the property ladder..

Shared ownership

Bay View

by Linden Homes

Northam, Devon, EX39 1BJ

3 & 4 bedroom houses

£142,500 - £162,500 for a 50% share
£285,000 - £325,000 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 Willows at Stortford Fields

by Red Loft

Bishops Stortford, Hertfordshire, CM23 0BL

1 & 2 bedroom apartments

£87,500 - £112,000 for a 35% share
(£250,000 - £320,000 Full Market Value)

Ready to move straight into! Join us for a viewing – register your interest now to secure your slot. A collection of 9 one & two-bedroom Shared Ownership apartments are now available in Bishop's Stortford! Register your interest to find out how to arrange a viewing. • Parking available to all properties • Fantastic location • Fitted Symphony kitchens with integrated appliances - extractor, hob & oven, fridge-freezer, washing machine and slimline dishwasher • Fitted carpets to bedrooms • Private balcony/terrace • 990-year lease • Predicted Energy Rating: B • Shares available from 35% Location Bishop's Stortford is a market town with a long history that is still thriving in the 21st century. It's great for shopping, from traditional stalls to a modern mall. There’s an impressive arts complex offering live theatre, dance, cinema and a museum of local history. You’ll have a good choice of schools and excellent medical facilities, including a local hospital. The town is surrounded by beautiful countryside. A stroll through the ancient royal hunting grounds of Hatfield Forest is the perfect way to relax and unwind after a hard week at work. The whole of East Anglia is waiting to be discovered. One weekend you could be wandering around the historic colleges of Cambridge, while the next you could be cheering on a winner in the three thirty at Newmarket. Ely, with its famous cathedral, and the charming olde worlde town of Bury St Edmunds are also within reach. The air museum at Duxford is a quick drive up the motorway. Then, when you fancy a night on the town, the bright lights of London are waiting. From Bishop’s Stortford station, you can be in London Liverpool Street in under 50 minutes and there are excellent rail links to Colchester, Cambridge, Norwich and King’s Lynn. There are also frequent bus and coach services. As well as connecting you to London, the nearby M11 joins you to the M25 and national motorway network. And, of course, there’s an airport on hand for when you wish to travel further afield. Though, maybe best of all, is an afternoon on your bike riding the towpath of the River Stort.

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: