If you're looking to buy your first home but struggling with the high costs of property in London or the South East, Shared Ownership could be an ideal option. This scheme makes homeownership more affordable by allowing you to purchase a share of a property, while paying subsidised rent on the remaining share. Here are five important things you should know before you embark on your Shared Ownership journey. 

1. Shared Ownership Isn’t Just for First-Time Buyers 

While Shared Ownership is often associated with first-time buyers due to its benefits to those seeking a better alternative to renting, it’s not exclusively for them. You may still be eligible if you’ve owned a property before, depending on your personal circumstances and eligibility criteria. The initiative is designed to help people who are unable to afford a home outright, so it’s open to a range of buyers, not just first-timers. You are eligible to for the Shared Ownership initiative if you are in the process of selling a home or have owned one previously. It’s important to note you cannot reserve a Shared Ownership property if you still own another property. 

2. You Won’t Own 100% of Your Home (At Least Not Initially) 

The key feature of Shared Ownership is that you begin by purchasing a percentage of the home - typically between 25% and 75%. The remaining share is owned by a housing association, and you’ll pay rent on that portion. While you won’t own the entire home at first, you’ll still benefit from the stability and security of homeownership, with the option to increase your share over time. 

3. Your Deposit is Based on the Share You’re Buying, Not the Whole Property 

One of the main benefits of Shared Ownership is that your deposit is calculated based on the percentage of the property you're buying, not the full market value. For example, if you buy 40% of a £300,000 home, your deposit will only be based on £120,000. This makes it much easier to save for a deposit, particularly in areas where property prices are higher, meaning you’re less likely to be priced out of homeownership entirely. 

4. You Can Buy More Shares in Your Home—Up to 100% 

With Shared Ownership, you have the option to staircase—that is, to buy additional shares in your home over time, eventually increasing your ownership to 100%. Not everyone chooses to staircase, but if your financial situation improves, it offers a flexible way to increase your stake in the property.  

5. You’ll Pay Subsidised Rent on the Share You Don’t Own 

In a Shared Ownership arrangement, you’ll pay a subsidised rent on the share of the home you don’t own. This rent is generally set at a lower rate than market rents, making it a more affordable option compared to traditional renting. The rent is usually reviewed annually, and this affordable rent helps keep your monthly payments lower, compared to paying rent on a full property. 

Choosing a Trusted Housing Provider 

When considering Shared Ownership, it's crucial to select a reputable housing provider. Southern Housing New Homes is a trusted developer with years of experience offering high-quality Shared Ownership homes across London and the South East. SHNH ensures that you’re investing in well-built homes, with stability and long-term value. 

Shared Ownership offers an excellent opportunity for those seeking an affordable and sustainable way to begin their homeownership journey. 

Get in touch with our team today or learn more about the benefits and options available through Shared Ownership.