Shared Ownership: What You Need to Know

If you’ve been dreaming of owning your own home but feel priced out of the traditional market, Shared Ownership could be a practical way forward. This government-backed initiative has helped thousands of first-time buyers, downsizers and those seeking a new beginning take their first and next step on the property ladder, offering a more accessible route into home ownership without the need for a large deposit. 

In this guide, we’ll explain how Shared Ownership works, who it’s for and how Southern Housing New Homes can support you through the process. But if you’d rather watch or listen than read, you can check out our Shared Ownership: Unpacked podcast on Youtube or Acast, where we break it all down with industry experts.  

Shared Ownership allows you to buy a share of a home, usually between 25% and 75%, and pay a subsidised rent on the remaining portion. Because you’re only purchasing part of the home, your deposit and mortgage are based on that share, making it more affordable than buying outright. Over time, you can increase your share through a process known as staircasing, giving you the option to gradually own more or even all your home. 

At its core, this government-backed initiative is designed to bridge the gap between renting and full home ownership. It is particularly helpful for households with steady incomes who are priced out of buying locally, including first-time buyers, those navigating life changes, or anyone wanting to stay rooted in a community they already know. 

While Shared Ownership can lower upfront costs, it’s important to understand the full picture. Monthly payments usually include your mortgage on the share you own, a subsidised rent on the remaining share, and service charges that contribute to building upkeep. These costs can change over time, so affordability needs to work both now and in the future. 

There are also responsibilities to consider. As Shared Ownership homes are leasehold properties, you’ll be responsible for maintaining your home just like any homeowner. It’s important to understand what falls to you and what your housing provider covers before committing. 

Before deciding whether a Shared Ownership home is right for you, it’s worth asking a few practical questions: can you afford the combined monthly costs now and if they change in future? Do you understand your repair and leasehold responsibilities? Are you likely to want to staircase later on? And if your circumstances change, do you understand how selling a Shared Ownership home works? 

The best first step is to speak with an independent financial advisor before you begin, as they’ll help you understand your eligibility and affordability, this is typically a free service. You can also explore resources such as our Key Information Documents (KIDs), which outline important details about the property, costs, and scheme to help answer common questions. 

We also recommend speaking with a solicitor who has experience in Shared Ownership, as they can guide you through the full breakdown of costs and legal responsibilities before you commit. At Southern Housing New Homes, we believe Shared Ownership works best when buyers feel fully informed and confident it suits their circumstances, rather than seeing it as just a quick step onto the property ladder. 

If you’re exploring Shared Ownership in the UK, the buying process is designed to be straightforward: 

Register your interest 
Start by browsing available homes and registering your interest in properties that suit your needs. You can explore our available homes in London and East Sussex today through our website here.  

Check your eligibility 
Before embarking on your Shared Ownership journey, it's important to understand the eligibility criteria that will determine whether you qualify for the scheme:  

Mortgage and affordability checks 
You’ll go through affordability assessments to ensure you can comfortably manage monthly payments, including mortgage, rent and service charges. 

Book a viewing 
Contact the home’s sales team to arrange a viewing and see if the property is the right fit for you. 

Apply for a property 
Once you’ve found a home, you’ll submit an application. This is where having clear guidance can make the process much smoother.

 
Buy your share 
Once approved, you’ll complete the purchase and move into your new home. 

Lower deposit 
Your deposit is based on the share you’re buying, not the full property value, making it much more achievable. 

A realistic route into home ownership 
Shared Ownership gives you a way onto the property ladder when buying outright isn’t yet possible. 

Flexibility over time 
With staircasing, you can increase your ownership as your financial situation improves if you want to – no pressure though. 

Stability and security 
You have the reassurance of owning your home, with the freedom to make it your own. 

Southern Housing New Homes provides guidance throughout every stage of the Shared Ownership journey. From understanding how the initiative works to completing your purchase, our team is there to support you with clear, practical advice. 

You can explore our buying guides, here or you can find answers to common questions here on our Frequently Asked Questions page.  

If you prefer to learn in a more conversational way, the Shared Ownership Unpacked podcast offers helpful insights from industry experts who go into depth about the process (including the benefits, and the responsibilities and the common questions.)  

Southern Housing New Homes offers a range of homes across London and the South East of England through Shared Ownership. Whether you’re looking for a modern apartment or a family home, there are options to suit different lifestyles and budgets. 

Ready to Take the Next Step? 

If you’re considering buying your first home, Shared Ownership could be a more achievable option than you think. With the right support and a clear understanding of the process, getting onto the property ladder may be closer than it feels. 

Explore our available homes today on our website.