Shared Ownership

Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or second hand from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and Homes England outside of London.

Information for Buyers

Shared Ownership is a housing scheme designed to help homebuyers who are unable to afford the cost of buying a property outright on the open market. Properties may be sold off-plan or new build direct from housing associations, or second hand from existing shared owners. The rules and terms of the scheme are set by the Greater London Authority (GLA) in London and the Homes England outside of London.!
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Information for Sellers

Deciding to move is the first step toward selling your shared ownership property but the rules and regulations are complex and seem to change all the time! With over a decade of experience working for individuals, housing associations and local authorities, we can guide you through the process from start to finish.!
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Frequently asked questions

Does shared ownership mean sharing with someone else?

No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association. If you decide to buy a Shared Ownership home, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.

How much does shared ownership cost?

Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home. On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs on Share to Buy.

Do I meet the eligibility criteria for a second Shared Ownership property?

As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership. For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.

Are there shared ownership properties in my area?

All Urban Moves properties are listed here. Should we not have something you are looking for then Share to Buy lists thousands of Shared Ownership homes all across the country – including new build properties and those available through resale. Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!