Shared ownership (Part Buy Part Rent)
It can be difficult for first time buyers to get their feet onto the property ladder. With high house prices, unachievable deposits and lenders looking for low risk investments, the prospect of buying your own home can seem very daunting.
However, there are a number of other options to consider if you can't afford to buy your own home outright. Shared ownership, (also known as Part Buy Part Rent) has some fantastic schemes available to first time buyers who haven't - until now - been able to buy! And Rightmove can help you see more of them.
"Shared ownership" is a common term referring to all low-cost ownership schemes available in England.
The most common schemes include:
- Part Buy Part Rent
- HomeBuy
- Shared equity
- Sale and rent back
- Starter homes initiatives
- Cash incentive schemes
- Try before you buy (Rent to acquire)
The benefits of Shared ownership schemes
- Less deposit is required than with an outright purchase
- You will only need to secure a mortgage of 25-50% of the purchase price
- Monthly costs can be up to 50% less than buying a property outright
- First time buyers with a household income of less than £60k should be eligible for a Part Rent Part Buy scheme.
- Shared ownership schemes are available all over England*.
- As your income increases, you can choose to buy a greater % of the property
- Each scheme is completely different. Your property can range from a penthouse to a 1 bed apartment to a 5 bedroom house
The Homes and Communities Agency is investing £8.4 billion in affordable housing programmes between 2008 and 2011. This is its biggest investment ever in these shared ownership schemes and a share of it could be available to you. The investment has already helped fund over 39,000 sales through low cost home ownership initiatives thus helping first time buyers nationwide get their feet firmly on the first rung of the property ladder.
Search for Shared ownership properties in your area now
Rightmove have now made it even easier to see more perfect Shared ownership property in your area.
When you carry out any For Sale search on Rightmove, the search results page will present an "In your search" box with a series of options to choose from on the right hand side.
If any Shared ownership properties are available in your search criteria, you can click on the "Shared ownership" link to refine your search and see only those properties:
search for Shared ownership properties in your area now.
*Housing laws vary between England and Scotland. This page refers to England only.
