The Shared Ownership scheme is a great option for London's first time buyers needing a helping hand onto the property ladder. We take a look at how the scheme works and pick out five stunning Shared Ownership properties that demonstrate the opportunities offered by partial home ownership in the capital.
What is Shared Ownership?
Shared Ownership forms part of the government's Help to Buy scheme. Buyers are able to purchase between 25%-75% of a property and pay rent on the remaining percentile. The scheme is only available on new-build properties, or existing properties that house builders place on resale programmes.
Once they can afford to, buyers of Shared Ownership properties are able to purchase more of a share in their property. Shared Ownership homes are always leasehold properties, and buyers need to be eligible to qualify for the scheme, with a number of stipulations that we'll look at below.
Who is Shared Ownership for?
The Help to Buy Shared Ownership scheme is only open to households whose combined income is less than £90,000 (£80,0000 outside London). Buyers must also not own any other properties, unless they are already a shared owner and are looking to move. Many London boroughs also have rules around giving preference to people who live or work in that borough when it comes to being considered for a Shared Ownership property.
So that's how Shared Ownership works, now let's take a look at some options around London. With 25% shares starting at just £99,900, these homes represent a very accessible entry to London property ownership.