Is it for me?

Shared Ownership is a scheme where you can buy a new home built by a local housing association on a part buy, part rent basis.

You can buy a share from as little as 25% of the purchase price of the new home (maximum 75% initial share) and pay a rent on the part you don't buy. You will need to have funds (including a mortgage plus any deposit where available) for a minimum 25% share of the sale price of the home. Rents are calculated to be affordable. You will usually pay a rent of approximately 2.75% pa on the share you do not own.

You can buy a bigger share in your home over time in a process known as 'staircasing', and eventually own your home outright.

If you want to sell your property, you should contact the housing association and they can arrange for a valuation to be carried out on your behalf. The housing association will then assess any prospective purchasers in line with affordable housing procedures. If at the time of sale you have a 50% share in the home, you will receive 50% of the value of the home at the time of the sale. However, once you own 100% of your home, you can sell the property yourself on the open market.

Use our Find a Property page to find Shared Ownership schemes in your area.