Owning a home in London or the South East can feel out of reach for many, especially with rising living costs and deposits that seem impossible to save for. But Shared Ownership is a government initiative designed to help people take that first step, even with a lower household income. If you’ve never owned a home before, this could be the opportunity that changes everything. 

Shared Ownership allows you to buy a share of a home, typically between 25% and 75%, and pay rent on the portion you don’t yet own. Over time, you can increase your share in the property through a process called "staircasing," which brings you closer to full ownership as your financial situation improves. 

This part-buy, part-rent model is supported by the government and gives more people the chance to live in homes they might not otherwise afford. Southern Housing New Homes has a wide range of homes available through Shared Ownership and offers helpful guides to explain the process in simple terms. 

How does it work?

When you buy a Shared Ownership home, you’ll need a much smaller deposit than with a traditional purchase, usually only 5% to 10% of the share you're buying, not the full market value. You’ll take out a mortgage for your share, then pay a subsidised rent to the housing provider on the rest. You’ll also pay a service charge if the home is in a block or part of a managed estate. 

It’s a great way to become a homeowner without needing to save for a full deposit or secure a large mortgage upfront. And with Southern Housing New Homes, you can find high-quality, well-located homes across London and the South East designed specifically for first-time buyers and key workers. 

Am I Eligible for Shared Ownership?

To qualify for Shared Ownership, your total household income needs to be under £80,000 per year (or £90,000 in London). It’s available to first-time buyers, previous homeowners who can no longer afford to buy on the open market, and people forming a new household after a change in circumstances. 

There are a few additional criteria, which are outlined in more detail at Share to Buy, a trusted source of information on eligibility and the application process. 

Why It Works for Lower Incomes 

Shared Ownership is ideal for people who want the security and stability of owning a home, but whose incomes don’t stretch to the full cost of a property. With this initiative, you only pay for the part you can afford but still get to build equity as house prices rise. That means you can start building your future now, even if you can’t afford 100% today. 

And with Southern Housing New Homes, you’re not just buying into a property — you’re gaining access to a supportive, experienced housing provider that’s focused on making homeownership achievable for more people. 

Want to know more about Shared Ownership and see which homes are available near you? 

Get in touch with our team or explore our buying guides - your first step toward having a home of your own could start today.