Shared Ownership Houses for Sale

How does it work?

Eligibility

Staircasing

Considerations

Shared ownership houses

Shared ownership

The Restorey

by Sovereign Network Group

Park Royal, Greater London, NW10

1, 2 & 3 bedroom apartments and 3 bedroom duplexes

£80,625 - £137,500 for a 25% share
(£322,500 - £550,000 Full Market Value)

Shared Ownership at The Restorey gives you the opportunity to buy a share of your new home, starting at 25%, or more depending on what you can afford. The rest is owned by Network Homes and you pay a subsidised rent on this portion in addition to your own mortgage. There will be a service charge payable to cover the cost of communal maintenance and this includes the buildings insurance Priority will be given to people who live or work in the London boroughs of Ealing, Brent and Hammersmith & Fulham.

Shared ownership

SO Resi Sutton

by SO Resi

Sutton, Greater London, SM1 4FR

2 & 3 bedroom apartments

From £108,750 for a 25% share
(From £435,000 Full Market Value)

Introducing a collection of contemporary two to three-bedroom apartments at SO Resi Sutton, available through Shared Ownership and never lived in before. Nestled in a vibrant community, these homes offer the perfect blend of modern living and convenience. Located in Sutton, residents will have access to a variety of local shops, restaurants, and parks, as well as excellent transport links for easy commuting to London and beyond. Sutton has been voted in the top 10 places to live in the country by the Times. Living in Sutton offers a beautiful blend of suburban comfort and urban convenience. With its charming neighbourhoods, vibrant community spirit, and excellent amenities, Sutton provides a fantastic quality of life. Residents enjoy easy access to a bustling town centre, boasting a diverse range of shops, restaurants, and entertainment options. The area is well-served by public transport, making commuting to London and surrounding areas a breeze. Sutton's green spaces, parks, and recreational facilities provide ample opportunities for outdoor activities and relaxation. With top-notch schools, a rich cultural scene, and a friendly atmosphere, Sutton is a welcoming and desirable place to call home. Key Features: • Allocated parking to selected units • Fitted wardrobes to master bedroom • Integrated Bosch appliances to include a fridge freezer and dishwasher • Underfloor heating with individual room thermostats • Carpet to living areas, hallway and bedrooms • Contemporary bathroom suite with white sanitary ware • Access to apartments via audio and visual door entry system

Shared ownership

Haddon Abbott

by Platform Housing Group

Peterborough, Cambridgeshire, PE7 3TB

2, 3 & 4 bedroom houses

From £141,000 for a 40% share
(From £352,500 Full Market Value)

Haddon Abbott is an exceptional new development of three and four-bedroom homes for sale in Peterborough, Cambridgeshire. This extensive scheme will help form part of a brand new major settlement in Great Haddon - making up two entire neighbourhoods, a new district centre and employment opportunities in total. Offering fantastic connectivity with Peterborough and the wider rail network, Haddon Abbott is in a prime development for buyers seeking Shared Ownership in Peterborough, featuring all of the amenities that support high-quality, contemporary living. Haddon Abbott is a core part of a larger residential scheme that is developing entirely new neighbourhoods just 7 miles from Peterborough. Featuring two, three and four-bedroom houses for sale, there’s a wide variety of opportunities for buyers seeking affordable, quality homes. Each of the plots within Haddon Abbott feature spacious living areas, downstairs WC, private turfed gardens and air source heating, on top of the usual modern fixtures and fittings. Upstairs you’ll find large bedrooms, often featuring built-in storage cupboards alongside a family bathroom. The option of three and four-bedroom plots make these ideal for families looking to grow. Aside from having access to Peterborough and nearby destinations such as Yaxley and Hampton, residents at Haddon Abbott will benefit from the array of redevelopment within the wider scheme.

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: