What is shared ownership?

Shared ownership is an opportunity for some households to take a step onto the home ownership ladder.

If you can't afford all of the deposit and mortgage payments for a home that meets your needs, shared ownership offers you the chance to buy an initial share of a home worth between 10% and 75% of its market value. You will pay rent to the housing provider, usually a housing association, for the rest of the share. 

They are also known as 'part rent and part buy' homes. Houses are either purchased as a new build property or through a resale from a current owner. You can buy more shares in your home in the future, as and when you can afford to do so. This is known as staircasing. The more shares you buy, the less you'll pay in rent. The rent you pay is based on the size of the share of your home you have not bought.

Eligibility

You will be eligible for shared ownership if:

• the property you are looking for will be your main residence
• you have savings, equity or earned income but cannot afford to buy a property for sale on the open market that meets your needs
• your household income does not exceed £80,000 per year

Some shared ownership homes are subject to property criteria that restrict who will be eligible to buy. Where this applies, it will be clearly stated in the sales information.

Buying a shared ownership property

New shared ownership properties and some resales of shared ownership properties are advertised through Your Choice Your Home and Share to Buy. You must be on the housing list to bid for a shared ownership property.

Apply to join the housing list

Find out more about shared ownership on the GOV.UK website 

In North Norfolk

Housing Associations developing and managing shared ownership in North Norfolk:

• Flagship Homes
• Broadland Housing Association
• Freebridge Community Housing
• ReSI Housing
• Housing 21