Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

SO Resi Cambourne

by SO Resi

Cambourne, Cambridgeshire, CB23 6NE

2, 3 & 4 bedroom houses

From £63,500 for a 25% share
(From £254,000 Full Market Value)

Deposits from as low as £6,313 on a 4 bedroom family home Ideally situated just nine miles west of Cambridge and just over an hour from King’s Cross Station, Cambourne marries the convenience of new-town living with the history and charm of England’s most prestigious university city. This brand-new development offers easy workday links to the A14,M11 and M25 via the A428, with plenty of scope for weekend adventures – surrounded by a tranquil nature reserve and a stone’s throw from locally renowned independent eateries, a stylish shopping centre and activities ranging from leisurely punting tours to exhilarating aqua park sessions. When warmer climes beckon, an easy 38-mile drive gets you to Stansted airport – or an even easier 4 miles to Cambridge airport. There’s a choice of four good primary schools, feeding the Ofsted outstanding-rated Cambourne Village College, as well as family friendly facilities to suit your lifestyle and budget – from Cambourne’s Fitness and Sports centre to the smart Cambridge Country Club. Whether you’re buying independently, as a couple or as a growing family, SO Resi Cambourne ticks every box – and more.

Shared ownership

Copley Park

by Auxesia Homes

Sprotbrough, South Yorkshire, DN5 7PA

3 & 4 bedroom houses

From £130,750 for a 50% share
(From £261,500 Full Market Value)

Auxesia Homes is pleased to present 4x new build homes at Copley Park, Sprotbrough for shared ownership purchase in collaboration with Crest Nicholson. Our collection of homes will be ready to move in from the summer of 2024. Our collection of homes comprises 2x 4 bedroom semi-detached houses, 1x 4 bedroom end terraced house and 1x 3 bedroom end terraced house. Each home will be finished to a high standard with flexible layouts perfect for a wide variety of buyers, they also benefit from 2 off-street parking spaces. Copley Park is set in the desirable village of Sprotbrough, Doncaster which offers the very best of rural Yorkshire. These homes are in the heart of the village with great schooling and local amenities close by, as well as easy access to Doncaster and Sheffield.

Shared ownership

Malabar Farm

by Platform Housing Group

Daventry, Northamptonshire, NN11 4WP

2 & 3 bedroom houses

for a 35% share
( Full Market Value)

Malabar is a stunning collection of two and three-bedroom houses for sale in Northamptonshire, located near Daventry and just 20 minutes from Northampton. Each home will follow a design-led approach, utilising modern fixtures and fittings alongside a meticulous interior finish. This is creating an aspirational lifestyle setting ideal for families and young couples looking to settle down. This exciting addition to the local area represents a new standard of living. Thoughtfully designed to meet Zero Carbon Ready guidelines, it’ll benefit from cost-effective, efficient technology including Solar PV panels, air source heat pumps and EV charging points plus much more. The properties themselves feature large, airy open-plan living spaces and fitted kitchens, making use of built-in appliances to ensure energy efficiency and a quality standard of living. The wider scheme will also incorporate a new school, nursery and community centre alongside food and retail units. For buyers, it’s an opportunity to buy a quality home in a highly-desirable new development. For buyers, this is a prime opportunity to buy a quality shared ownership property in Northamptonshire, benefitting from the amenities of the local town without compromising access to nearby hubs such as Northampton, Rugby and Daventry.

Shared ownershipGreen features

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: