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Posted: 20 September 2018

It's Shared Ownership Week 2018!

This year's Shared Ownership Week is running from Thursday 20-16 September and we're proud to be supporting it!

What is Shared Ownership?

Shared Ownership is an alternative way for first-time buyers, or those who have sold their home, to get on the property ladder.

Buyers usually purchasing between a 25% and 75% share in the property and then have the option to increase the share they own until they own the property outright. This is known as ‘staircasing’.

  • Benefits of buying a shared ownership home

    There are lots of good reasons to buy a home with shared ownership.

    When buying a brand new home you:

    • Can buy chain free
    • Have a 10 year National House Builders Council (NHBC) guarantee
    • Will have the opportunity to purchase a property in a popular area
    • Will have a new home with fully fitted appliances, ready for you to move straight in.

    Buying an existing shared ownership property can:

    • Offer you the chance to buy in sought after developments in high demand areas.
    • Provide you with an opportunity to buy an older property in an established community.
  • Eligibility for shared ownership

    You can buy a home through shared ownership if:

    • Buying in London: You have a gross household income of no more than £90,000 per annum and you can purchase a property of any bedroom size.
    • Buying outside of London: You have a gross household income of no more than £80,000 per annum and you can purchase a property of any bedroom size.
    • You are a first-time buyer (or you used to own a home, but can’t afford to buy one now).

    We will assess every application on an individual basis and our sales consultants will help you through the process.

    Where there are multiple customers looking to purchase a home, we will give priority in the first instance to the priority groups, and then on a first come, first served basis.

    Top level of priority groups:

    • People currently living in social housing.
    • People in the armed forces.
    • People who have local connections to the area.
  • Home Ownership for People with Long-Term Disabilities (HOLD)

    If you have a long-term disability, ‘Home Ownership for People with Long-Term Disabilities’ (HOLD) can help you buy any home that’s for sale on a shared ownership basis. You can only apply for HOLD if the properties available in the other HomeBuy schemes don’t meet your needs, e.g. you need a ground-floor property. Your local HomeBuy agent can help you.

  • Buying more shares

    You can buy more shares in your home any time after you become the owner. This is known as staircasing. The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you’ll pay more than for your first share. If your home has dropped in value, your new share will be cheaper.

Shared Ownership Week is backed by many of the UK's leading housing associations and this year, presenter Reggie Yates is the new Shared Ownership Week ambassador! The aim of this campaign is to raise awareness of Shared Ownership across London, to explain the benefits and dispel any myths that people may have and promote a wider understanding of the lower cost home ownership scheme.

We will be showcasing our new build Shared Ownership developments throughout the week, providing information on how this buying options works and where our properties are available. 

For more information check out www.sharedownershipweek.co.uk.

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