Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

Artemis View

by Bovis Homes

Margate, Kent, CT9 4HW

3 bedroom houses and 3 bedroom townhouses

£90,000 for a 25% share
£153,000 - £168,750 for a 45% share
£340,000 - £375,000 Full Market Value

This exciting new homes development is on the edge of the historic Kent seaside resort of Margate in the district of Thanet, a town that combines traditional charm with contemporary culture. Artemis View benefits from an ideal location in Thanet, with many amenities on your doorstep like Westwood Cross Shopping centre, Thanet Parkway train station and a number of coastal towns - Margate, Broadstairs, Ramsgate and Manston.Our range of 2, 3 and 4 bedroom new build homes in Thanet embrace contemporary design, while retaining classic architecture and traditional build quality. They include popular features such as open-plan living areas, stylish fitted kitchens and spacious bedrooms with en suites.Considering Shared Ownership?This allows you to buy a share of your chosen home and pay a monthly rent on the remaining amount. Your dream of buying your first home could be a made a reality - find out more here.So, if you're looking for a quality new home in a Kentish seaside t...

Shared ownership

Meadow View

by Your Housing Group

Newcastle under Lyme, Staffordshire, ST5 6AT

2 & 3 bedroom houses

£80,000 - £100,000 for a 40% share
£200,000 - £250,000 Full Market Value

Nestled on Watermills Road in Newcastle-under-Lyme, Meadow View is our fantastic development offering a beautiful collection of two and three-bedroom homes. Whether you're a first-time buyer or a growing family, Meadow View has something for everyone.

Shared ownershipGreen features

Move in this summer for incentives up to £5,000*

Heybourne Park

by NHG Homes

Colindale, Greater London, NW9 5XA

1 & 2 bedroom apartments

£86,375 - £121,875 for a 25% share
£345,500 - £487,500 Full Market Value

Move in this summer for incentives up to £5,000* HEYBOURNE PARK | COLINDALE, NW9 Take your first step onto the property ladder at Heybourne Park, an exciting collection of brand-new Shared Ownership apartments in Colindale, NW9. Designed for contemporary London living, homes at Heybourne Park offer bright, well-planned interiors with open-plan kitchen, living and dining spaces, modern fitted kitchens with integrated appliances and underfloor heating throughout. Selected homes also benefit from private balconies, en suite bathrooms and underground parking. Residents can enjoy access to attractive shared podium gardens and secure cycle storage, while the wider development sits within an established North London neighbourhood close to local amenities and open green spaces. Colindale Underground station is within easy reach, providing Northern line connections into central London and making Heybourne Park well placed for commuting, weekends in the city and everything North London has to offer. With shared ownership, you can purchase a share of your new home and pay rent on the remaining share, helping make home ownership more accessible. Enquire today to discover the homes currently available at Heybourne Park and find out how shared ownership could help you make your move. PLEASE NOTE *Incentive available on selected homes only. Terms and conditions apply. Please speak to a Sales Executive for full details.

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: