Shared Ownership gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a new build house or resales property. When you buy a home through a Shared Ownership scheme you buy a share of the property and pay rent on the rest.
|Shared Ownership available on properties until 2023||Shared Ownership available on properties from 2022|
|Minimum deposit||5% of the share in the property||5% of the share in the property|
|Minimum share of property for sale||25%||10%|
|Minimum ‘Staircasing’||10% share annually||1% share annually, with reduced fees|
|Who pays for repairs||The buyer||The buyer receive support from his landowner for necessary repairs for 10 years|
|Exclusivity period for landowner to sell||8 weeks||4 to 8 weeks|
To put it simply:
*If desired, buyers can increase their share in the home. This process is called staircasing. Typically, this process can continue until the tenant owns 75% of the property. It is very rarely 100%.
*Eligibility criteria may vary per housing association and therefore you should always check the exact criteria with the developer or housing association responsible for the exploitation of the property.
|+ Small deposit. Minimum 5% of the share in the property||- Unstable price. Although rents are initially low, they can rise over time.|
|+ Staircasing. You can always raise your share of home ownership.||- Additional charges. You will also have to pay for real estate maintenance.|
|+ Unproblematic sale. You can sell your share of the property anytime.||- Repair limitations. To improve your home, you need a permit from the Housing Association.|
|+ Your decision. You decide for yourself how much of your home you want to own.||- Prohibition of sub-rent. The Housing Association may place restrictions on your renting out property.|
|Kent||from £407 / ft2|
|London||from £937 / ft2|
|Essex||from £415 / ft2|
|Hertfordshire||from £567 / ft2|
|Berkshire||from £456 / ft2|
|Buckinghamshire||from £581 / ft2|
|Milton Keynes||from £349 / ft2|
|Manchester||from £366 / ft2|
|Greater Manchester||from £334 / ft2|