What is Shared Ownership Week?

Our annual event aims to inform, educate and support people to understand their options for affordable homebuying and to get onto the property ladder

Bunting

Why Choose

Shared Ownership?

Shared Ownership is a smart alternative to renting, where you gradually build ownership.

As your property’s value climbs, so does your equity. The scheme allows first-time home buyers to purchase a share in a property – usually, anywhere between 10%-75% of the home’s value – and pay a subsidised rent on the part not yet owned. Those who use the shared ownership scheme can buy further shares to work towards owning the home outright.

Related News
& Articles

Learn more about Shared Ownership and its impact on people and the industry by reading some of our real-life stories or latest news articles.

October 3, 2024

Unlock your home buying potential with Shared Ownership from SNG

September 29, 2024

Life in the city: find your home in the capital with L&Q

September 29, 2024

Kevin Sims, Director of SO Resi, says: Shared Ownership: achievable, affordable and for everyone

Shared Ownership
Partners

We have partnered up with some of the biggest names in the industry to educate and demystify all things Shared Ownership. Check out their websites to see what developments they have in your area and how they can help you get onto the property ladder.

Frequently
asked questions

As a home-buying newbie, your mind is probably racing with various questions about the process. For starters, what does Shared Ownership even mean? Don’t panic – we might have the answers you need.

What is Shared Ownership?
Shared Ownership is a house buying scheme that allows individuals to purchase a portion of a property while renting the remaining share. It provides an accessible path to homeownership, especially for first-time home buyers. Over time, buyers can increase their ownership share, potentially owning the entire property. Explore Shared Ownership further or begin your property search.
How does Shared Ownership work?
Shared Ownership offers a unique opportunity for first-time buyers to acquire a stake in either a new build house or flat, or a resale property. Here’s how it works: Partial Ownership: Purchasers buy a share of the property and pay a mortgage on that portion. Deposit and Mortgage: You put down a deposit of at least 5% of your stake and secure a mortgage to cover the remaining portion. Subsidised Rent: The remaining share is rented from a housing association at a reduced rate. Lower Deposit: Since the mortgage is only for the purchased share, the deposit required is typically lower than outright purchase. Staircasing: Over time, buyers can increase their share, potentially owning the entire property. No Rent at 100%: At full ownership, no rent is paid—only mortgage, service charges, and ground rent. Explore Shared Ownership further or begin your property search.
What properties are for sale with Shared Ownership?
Shared Ownership provides some of the very best new build properties in the market today. You have a choice to either buy a new build house or apartment, or you can buy what is called a ‘resales’ unit from an existing homeowner, who is looking to sell their home through the housing association that they originally bought it from. Explore Shared Ownership further or begin your property search.
How do I buy more shares in my property?
You can buy more shares in your property through what is called staircasing. Start by buying 10% increments with the theory that one day you can have 100% ownership of your home. Explore Shared Ownership further or begin your property search.
What is staircasing?
Staircasing is the term used to buy more shares in your shared ownership property. You can buy an additional percentage of your property at any point. Normally the minimum extra percentage you can buy is 10% at a time. Most people try to buy them in larger chunks as there are fees that you have to pay each time, so it can become quite expensive if you buy smaller percentages at a time. When you have staircased to 100% you will no longer have to pay any rent to the housing association. For more detailed information read 'what is staircasing'.
What is a Shared Ownership property?
Housing associations build shared ownership properties to address the pressing need for affordable housing options, particularly for individuals and families who may struggle to purchase a home on the open market due to financial constraints. By offering shared ownership schemes, housing associations can provide an alternative pathway to homeownership, enabling more people to access secure and stable housing. These properties are typically new builds: Meeting Demand: New construction allows housing associations to increase the supply of affordable housing in areas where demand is high. Building new properties allows the tailoring design and location to meet the specific needs of potential homeowners. Quality Standards: New build properties often meet higher quality and safety standards compared to older homes. This ensures that buyers have access to modern, energy-efficient homes with lower maintenance requirements. Long-Term Viability: New properties are less likely to require immediate repairs or renovations, reducing the risk of additional costs for both the housing association and the homeowners. Reselling homes within the shared ownership scheme is an integral part of the process: Meeting Changing Needs: As homeowners' circumstances change over time, they may decide to sell their shared ownership property. This could be due to factors such as needing more space for a growing family or relocating for work. Increasing Accessibility: Reselling shared ownership homes allows new buyers to enter the scheme, ensuring that the benefits of affordable homeownership continue to be accessible to a wide range of individuals and families. Providing Equity: When homeowners sell their share of the property, they can potentially realize equity from any increase in the property's value. This equity can then be used to finance a larger share of a new property or to invest in other aspects of their lives.
What is a Shared Ownership mortgage?
Shared ownership mortgages offer a unique pathway to owning a home. Here's a straightforward breakdown: Choose Your Share: Decide on the portion of the property you can afford, typically with guidance from the housing association. Deposit and Mortgage: Put down a deposit, usually 5-10% of your chosen share, and secure a mortgage for the remainder. Rent on the Unowned Share: While you own your portion, you'll pay rent on the part still owned by the housing association. Now, onto the types of shared ownership mortgages: Fixed-rate Mortgage: The interest rate remains constant for an agreed period, typically 2 to 5 years, providing stability in your monthly repayments. Variable Rate: Interest rates fluctuate based on the lender's decision, either tied to the Bank of England base rate (tracker) or the lender's standard variable rate.