Shared Ownership: Your First Step to Homeownership
August, 2025

Struggling to afford your first home outright? Shared Ownership might be your golden ticket onto the property ladder! This government-backed scheme is designed to make home ownership more accessible, but is it the right fit for you? Let’s dive in and explore.

Understanding Shared Ownership

Shared Ownership allows you to purchase a percentage of a property, typically between 25% and 75%, while paying rent on the remaining share owned by a housing association. Over time, you can buy more shares in a process known as ‘staircasing’, gradually increasing your ownership.

Who Benefits from Shared Ownership?

This scheme is perfect for those who can’t afford to buy a home outright but can manage a smaller mortgage alongside rent. It’s popular among first-time buyers, single-income households, and anyone looking to live in pricier areas.

The Pros of Shared Ownership

• Lower Entry Costs: With smaller deposit and mortgage requirements, it’s more affordable upfront.
• Step-by-Step Ownership: Increase your share in the property as your finances improve.
• Modern Homes: Many Shared Ownership properties are new builds, boasting energy-efficient features and modern layouts.

The Cons to Consider

• Rent and Charges: You’ll pay rent on the portion you don’t own, plus service charges if it’s a leasehold property.
• Limited Control: Significant changes to the property may require approval.
• Selling Restrictions: The housing association often has the right to find a buyer before you can sell on the open market.

Is Shared Ownership Right for You?

Shared Ownership can be a fantastic stepping stone towards full home ownership. However, ensure you understand the terms and assess whether it aligns with your long-term goals and lifestyle. For tailored advice and guidance on your home-buying journey, consider reaching out to us at Bond Residential. We’re here to help you find the perfect fit!

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