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What you can get in different areas of the UK with Shared Ownership

Shared Ownership is a government scheme that aims to make it easier for buyers to get on the property ladder through part owning/part renting. Essentially, the buyer pays a mortgage on the percentage of the property that they own and pays rent on the remaining amount. This means that the deposit they put down tends to be a lot lower than it would be if they were to purchase the entire property outright. This has made Shared Ownership a popular choice for those that are struggling to save large enough house deposit or have been priced out from buying in expensive areas such as London.

However, London isn’t the only place in the UK that offers this discounted scheme. Let’s take a look at what you can get in different areas of the UK with the Shared Ownership scheme.

Shared Ownership in London

Shared Ownership in London

1 bedroom apartment for sale in Bermondsey, London.

Full price: £550,000

Sale price: £165,000

Share percentage: 30%

Minimum deposit: £8250

Shared Ownership in Bristol

Shared Ownership in Bristol

1 bedroom apartment for sale in Central Bristol

Full price: £265,000

Sale price: £132,500

Share percentage: 50%

Minimum deposit: £6625

Shared Ownership in Essex

2 bedroom apartment for sale in Maldon

Full price: £260,000

Sale price: £130,000

Share percentage: 50%

Minimum deposit: £13,000

Shared Ownership in Milton Keynes

2 bedroom apartment for sale in Maldon

Full price: £290,000

Sale price: £145,000

Share percentage: 50%

Minimum deposit: £7250

Shared Ownership in Northampton 

4 bedroom house for sale in Northampton

Full price: £320,000

Sale price: £80,000

Share percentage: 25%

Minimum deposit: £4000

Shared Ownership in the West Midlands

2 bedroom flat for sale in Birmingham

Full price: £125,000

Sale price: £62,500

Share percentage: 50%

Minimum deposit: £6,250

How does Shared Ownership work?

Shared Ownership allows you to buy a share of a property. The share you are usually allowed to purchase is between 25-75% (however, there are different rules depending on whether you are buying in England, Scotland, Wales, or Northern Ireland).

As you are buying a share in a property (and not the whole property outright), you have to pay rent on the part you can’t afford to a housing association. See it as a ‘part rent, part buy’ scheme. 

Pros and cons of Shared Ownership

Cons

  • You’ll be responsible for all home repairs, even if you don’t own all the property
  • You’ll have to pay rent as well as mortgage repayments 
  • It can be difficult to ‘staircase’ if the value of the property increases over time
  • You’ll be responsible for the upkeep of the property, despite not owning 100% 

Pros

  • Can get on the ladder quicker 
  • Can buy additional shares in the future
  • It can be cheaper than renting
  • You can sell at any time, and you could benefit from any increase in the property value

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