Shared ownership is open to a wide range of people who would like to get on the housing ladder.

For example:
• First time buyers
• Previous home owners who are unable to afford to buy without supplementary help (perhaps due to a separation, divorce, bereavement, growing family)
• People who wish to upsize due to a growing family but are unable to afford it
• Housing association or council tenant
• ‘Key worker’ (a key public sector worker e.g. nurse, teacher, fire fighters, police officers)

The main criteria to become eligible for a shared ownership property are:

- Your household income must be no more than £60,000 per annum
- You must not own another property

Note: Up to four people can become joint owners but all joint applicants must individually and jointly meet the eligibility criteria.

Shared ownership is a great way for all kinds of people to afford their own, new home at a fraction of the price.

Shared ownership is also known as part buy, part rent because shared owners buy a share in their home and pay a reduced rent on the rest. Gradually you may want to buy further shares and eventually own your home outright.

SmartShare is the first national property website that is dedicated to shared ownership homes. We have thousands of properties available throughout the UK from many of the leading Housing Associations - click here to go to our website www.smartshare.co.uk.

For more answers to your affordable housing questions go to: http://www.smartshare.co.uk/frequently-asked-questions-about-affordable-...

A shared ownership scheme has been introduced in a charming rural location between Cross Hills and Sutton-in-Craven where fifteen homes will be made available for local people to either buy or rent.

Rebecca Sellers, a member of Jephson’s development team, said: “First time buyers are finding it increasingly hard to get onto the property ladder. In a rural village like Sutton-in-Craven, property prices often force young buyers out of the area in which they grew up and this kind of housing is invaluable in those kinds of circumstances. It is perfect for the first time buyer to get on the property ladder and the shared ownership properties in Holme Lane are available to people with a local connection. We are very grateful for the support we have received from Craven District Council and from the Homes and Communities Agency to make this development possible.”

Notting Hill Home Ownership has just launched a number of one bedroom shared ownership apartments at Roxeth Corner. Targeted at first time buyers who are looking to live in a contemporary diverse metropolitan borough with an impressive array of shops, restaurants and green leafy parks on their doorstep – couldn’t want for more.

Mark Vaughan, Director of Home Ownership for Notting Hill Housing comments: “Situated only ten miles from central London yet on the border of rural Hertfordshire, Harrow provides an excellent base for young professionals looking to set up home in a green and leafy retreat from inner city London, yet with all the everyday essentials and amenities they could ask for right on their doorstep. Roxeth Corner offers a specification that is both stylish and contemporary, whilst providing practical and adaptable living standards at affordable prices.”
Shares will be available to purchase between 50% and 75% meaning that homebuyers can move in for just £82,500.

First time buyers and families have the opportunity to view the show apartment and register their interest for one of 16 contemporary shared ownership apartments available at The Pavilions.

These sought-after homes are located off Bushey Road in Raynes Park and start from as little as £195,000. Every home at The Pavilions boast modern designs and a high internal specification and comprise of one, two and three bedroom apartments.

Mark Vaughan, Director of Home Ownership for Notting Hill Housing comments: “Raynes Park is a fantastic area, which offers the peace and quiet of village life while still being within easy reach of central London, it is ideal for first time buyers and young families to set up home. At Notting Hill Home Ownership it is very important to us to provide homes which are not only design-led and affordable but that are set in a fantastic location – The Pavilions ticks all these boxes.”

This is good news for homebuyers looking for a shared ownership property but it also means the council will miss its target of 32 homes.

Eight flats have are already occupied at Grove Court, Kiln Road which were built by East Thames Housing Group with government funding. Five were sold on shared ownership basis and the remaining three are based on a rent now, buy later scheme which sees tenants get some of their rent back after a five years deposit.

Wendy Goodwin, Cabinet Member responsible for homes said “this development was taken up within days of being released and it shows how desperate people are for affordable housing.”

The innovative twist is that the 42 flats at Brimmond View, Stoneywood are the first housing association homes to be built in Scotland without any government funding.

The development has been funded through a £3.6 million loan from The Royal Bank of Scotland and the remainder of the £5 million will be paid for by the ‘part rent part buy’ scheme. Affordable homeowners can expect to pay monthly payments between £450 and £480.
Alex Neil, Housing and Communities Minister, said: “I am delighted with the progress made by Grampian Housing Association. This development is great news for the local economy and for local families who wish to stay and work in the area.”

Notting Hill Home Ownership is preparing to launch a further five developments and 209 homes in the next five months and will also be available to view via the SmartShare website.

Since the recession began the housing association, who was the first to introduce shared ownership, has seen an 80% increase in the number of viewings and reservations at its housing schemes and is expecting the new developments to be just as successful.

Until a couple of years ago shared ownership was restricted to key workers, low income, first time buyers and social tenants. Many housing associations have now widened their criteria and schemes are available to many people who want to get on the housing ladder at an affordable price, avoid the rental market or simply find themselves looking to shared ownership to solve their housing needs.

The government’s target of providing 2800 new affordable homes in rural England in the 2008/2009 financial year has been missed by almost 14%, with only 2415 units completed - yet the council waiting lists for rural housing has seen an increase of 11% in a year to 475,000.

New research by the government’s Commission for Rural Communities (CRC) published this week revealed that property prices in rural areas have dropped by 7.6% in a year, compared with a 15.6% fall in towns and cities - this may seem good news for those looking to move to the countryside with a healthy deposit. However this news does not detract from the problem that the average rural house prices at £187,600 (approaching eight times the average income) is out of reach for many workers who already live and work within these areas.

Whilst many people dream of green countrywide, fresh air and a better way of life - the rural housing crisis is set to continue for the foreseeable future.

SmartShare has created a very useful tool named the 'shared ownership calculator' which can be found on every 'buy' property.

Click on any property details and you will find the 'calculator' icon available to use.