Shared ownership houses for sale | What is shared ownership?

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Just launched!

Fish Island Point Shared Ownership

by Peabody New Homes

Hackney Wick, Greater London, E3 2ND

1, 2 & 3 bedroom apartments

£135,000 - £170,000 for a 25% share
(£540,000 - £680,000 Full Market Value)

Just launched! Located in the heart of Fish Island, Hackney Wick, Fish Island Point sits within London’s most creative area, offering an exciting place to live and unwind.Fish Island Point is a vibrant collection of 1, 2 & 3 bedroom apartments available through Shared Ownership with great layout options that accommodate wheelchair users.Featuring contemporary kitchens, modern fittings and fixtures, spacious carpeted bedrooms and private outdoor spaces, the development also benefits from landscaped communal podium gardens.Everything is within easy reach when you move to Fish Island Point with fantastic transport links connecting across London by tube and rail; and pedestrian and cycling routes into East London’s hubs and green spaces. Stratford’s Queen Elizabeth Olympic Park is also a stone’s throw away.For our 1-bedroom apartments there will be a 3-month priority period for those with a household income of up to £60,000.

Shared ownership

White Post Street

by Hexagon Housing Association

Peckham, Greater London, SE15 1DR

1 & 2 bedroom apartments

From £98,750 for a 25% share
(From £395,000 Full Market Value)

White Post Street is an exciting new collection of one and two bedroom Shared Ownership and Private Sale apartments and duplexes in a well connected South East London location, ideally positioned on Old Kent Road, between Lewisham, New Cross and Peckham. Created with city living in mind, these contemporary homes feature stylish open plan living areas, fully integrated appliances and large private balconies. Many apartments also benefit from impressive views across the London skyline. The wider development will comprise of 9 commercial spaces, 6 of which are refurbished railway arches which will become a convenient and quirky mix of cafes, studios and independent shops.

Shared ownership

Ambia

by Gascoigne - Pees

Maidenhead, Berkshire, SL6 8FX

1 & 2 bedroom apartments

£26,500 - £148,750 for a 10% share
(£265,000 - £1,487,500 Full Market Value)

Thoughtfully designed one and two bedroom apartments available on Shared Ownership. These stylish apartments feature an open-plan kitchen / living / dining room with a private balcony. The kitchen is fitted with an oven, hob and hood and the bathroom has a modern, white suite. Specification: • Ample double power sockets with USB points throughout • Telephone point to living room and TV aerial point to living room and bedroom • Space and plumbing for washing machine in utility cupboard • Fitted Symphony kitchen featuring grey soft-close doors and drawers with white units • Removal unit for dishwasher with plumbing and electric provided • Heated chrome towel rail to bathroom Discover the best of town, enjoy a swim or workout at Braywick Leisure Centre, grab a bite at The Maiden’s Head, or browse shops at Nicholsons Shopping Centre. If you fancy something different, Windsor is just 15 minutes by car for a day of culture and history. For younger children, Riverside Primary and St Luke’s C of E are within easy reach of our new build flats in Maidenhead. Older students have plenty of nearby options too, including Desborough College and Furze Platt Senior. Buckinghamshire New University is also close by for higher education. Enjoy effortless travel from these stunning new flats in Maidenhead. A 5-minute walk takes you to the nearest bus stop, while nearby Maidenhead station and the Elizabeth Line offer trains to London in just 25 minutes. Driving? The M4 is close by, and you can reach Heathrow Airport in a speedy 18 minutes. The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller upfront payment. With Shared Ownership, you buy a share of your home using a mortgage from a bank or building society and pay a subsidised rent on the share you did not purchase. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright. When you’re ready, you can buy more shares until you staircase to owning 100% of your home. Please note, as a Shared Ownership purchase there are likely to be additional legal fees during the conveyancing process, your solicitor can advise you of these. *These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. **Predicted council tax and EPC band: New build properties, band to be determined. ***Service charge is reviewed once a year.

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: