Top 10 shared ownership properties in London
Union Yard, Bethnal Green
If you haven’t yet been enchanted by the quirk and hip of this down-to-Earth East End corner, you’re certainly missing out. Bethnal Green is a young professionals paradise with Overground and Underground stations as well as all the locals’ favourite haunts, from long standing pubs to new vegan cafes above and below street level. Union Yard is Bethnal Green’s sprinkle of contemporary luxury with balcony views, quality finishes and bespoke designs and all within walking distance of the colourful eateries and artisan coffee shops decorating Paradise Arches Railway.
East Wick & Sweetwater, Hackney
Just one of the new housing developments enriching the Queen Elizabeth Olympic Park in East Wick, this first-time buyer opportunity is one that certainly packs a punch. Whether you’re looking to make a real investment buy in this recently regenerated area, or you’re investing in your children’s future with the multitude of schools and nurseries cropping up, East Wick and Sweetwater will have you feeling secure not only in your home but in your finances too. With a whole new community welcoming new residents here and an abundance of sports and leisure facilities at your disposal, this is a great move for anyone with an itch for city life.
Acton Square, Acton
Decorated in tree-lined streets and leafy parks, Acton is a thriving residential hub with plenty to offer, whilst offering plenty of bang for your buck to boot. Bowthorpe Court in Acton Square is the latest shared ownership development in this swanky suburban district, boasting stylish 1 & 2 bedroom apartments. With seven handy train stations nearby, getting home and away is just a case of ‘when’ rather than ‘how’. If there’s anything you will truly gain from a move to Acton it’s most certainly the warm welcome of the friendly neighbourhood community that makes this location such a special place.
Jigsaw Phase 3, Ealing
Nestled in an area known as the “Queen of Suburbs”, Jigsaw is West Ealing’s exciting regeneration project, bringing together a bright community, sumptuous luxury, bespoke designs and landscaped gardens. Having had a radical makeover in the last decade, West Ealing is soon to welcome Crossrail's Elizabeth Line for easy city access, alongside a beautifully refurbished Walpole Park and a whole host of colourful markets and quirky eateries. Spanning 5 hectares and introducing a new primary school, sports facilities and an extra 770 new homes to the area, Jigsaw has community vision at its heart. With its contemporary plaza, tree-lined avenues and bold environmentally-conscious architecture, Jigsaw may just be the missing piece in your house hunting puzzle.
Williamson Heights, Wembley Park, Brent
After a £1.5 billion investment and a masterplan to transform Wembley Park into a modern melting pot of young professionals, new families and a creative community, Williamson Heights offers the chance to embrace the very best this area has to offer. With a huge designer outlet, a brand new community meeting space and a collection of top-of-the-range sports facilities, Wembley Park has been designed with newcomers in mind. A nearby 7 acre park offers plenty of space to unwind in and soak up some calm, a perfect accompaniment to this development’s rooftop garden, cinema room, fitness suite and co-working space - a move to Williamson Heights will certainly ensure you get the balance right! Served by the Metropolitan and Jubilee Line, Wembley Park Station will have you in the heart of London in a jiffy and back home to enjoy the luxuries of Williamson Heights and its spacious surroundings, before dinner on your own private balcony.
Culverley Gardens, Lewisham
If you’re looking to make a real investment, Culverley Gardens is the one to watch out for. With plenty of developments in the pipeline for the flourishing neighbourhood of Catford you want to get your hands on this one sooner rather than later. A 25 minute commute to central London, Catford is top-dog for its 83 schools to choose from within the borough of Lewisham, including 18 OFSTED outstanding institutions. With 3 universities close by, Culverely Gardens really is the cat’s pyjamas for educational prospects and catchment areas. Peppered with a rich abundance of green spaces and adorned with its famous cat statue prowling the centre of town, Catford is the purrfect location for a family move.
Junction West, Southall
Setting down your roots in this sensational London spot is sure to pack some spice. Renowned for its artful Indian Cuisine and multicultural eateries, if you’re a bit of a foodie then these spacious 1-3 bedroom homes at Junction West in Southall should be at the top of your list. Soon to welcome a new Crossrail service too, these direct links will have you at Heathrow in 20 minutes and London Paddington in even less. Seeing its fair share of regeneration and arguably one of the friendliest communities in the capital, this Southall residency is a fun, fizzing corner of London that will have you enjoying some seriously good takeaways.
The Chain, Walthamstow
If you’ve been to Walthamstow recently, you’ll recognise the spaces transformed into uber-cool joints to mull over an artisan coffee or seek out talented young chefs. It’s on the up, and that’s always a revelation if you’re considering buying here… and we’ve found just the place. The Chain sits between the three stations of St James Street, Walthamstow Queens Road and Walthamstow Central - an undeniably hip collection of homes with sunblushed private terraces, polished landscaped gardens, and unprecedented access to this reinvented corner of the capital.
Leon House, Croydon
Ten years ago, a move to Croydon would have been met with bewildered looks. But thanks to a spurt of tech upstarts cropping up in the area and creative developments such as the quirky emporium of BOXPARK setting up shop, people are starting to take notice of this southern borough. New to Croydon is Leon House – a slick development garnering credibility with its enviable high ceilings, large rooms and stripped-back interiors that blur the lines between design and functionality. The crowning glory though is the rooftop garden – a sleekly engineered space with seating, pockets of greenery and skyward views over London and Surrey.
Windsor Apartments, Wandsworth
The pull of Wandsworth remains at an all-time high, drawing families to its green sprawls, excellent schools and buoyant property market with some cracking (and very expensive) homes. Yet with shared ownership, you can bag yourself a dreamy bolthole in the new Windsor Apartments for a price that is closer to a first time buyers budget. The perks? Private balconies open to city views, landscaped gardens have been painstakingly crafted, and swish kitchens and underfloor heating set the bar for chic city living. Oh, and as for transport, it’s close to Battersea Park rail station and the new Northern Line extension will thread through the area when it finally opens in 2021.
The eligibility criteria for shared ownership is simple; as long as you don’t currently own, or won’t own another property when you move in to a new home, you’re likely to qualify.
Your annual household income (that’s both yours and your partners’ if buying together) can’t exceed £90,000 and you’ll need to have savings to cover purchasing costs such as solicitors fees and your mortgage deposit.
No age restrictions. It doesn’t matter what you do for a living. Buying on your own, with a partner or friend or you have children, there could be a shared ownership home just for you.
Shared ownership is much more affordable than buying outright, however you’ll still need a mortgage deposit. This is usually a minimum of 5 or 10%, based on the value of the share, not the full market value.
So, if you were buying a 25% share of a £400,000 home for £100,000, you’ll need to have a minimum of £5,000 (5% of £100,000) for your mortgage deposit.
You’ll also need savings to cover initial purchase costs such as mortgage and solicitors fees; this is normally around £3,000.
To reserve your chosen home, you’ll also need to pay a reservation fee. This will secure the home as yours until a formal offer is made, and will usually be between £250 and £500. This cost will come off the total purchase price when your sale completes.
Registering your interest or checking your eligibility for a property with Property Booking will mean directly applying for a home; we’ll even do some initial affordability checks too!
It’s completely free to register and we’ll also send you alerts of homes you’ll be interested in if you want us to.
Yes, this is called ‘Staircasing’ which means increasing the share of the property you own. You can do it gradually over time, to eventually own your home 100%.
The cost of additional shares is calculated by the market value of your home when you decide to start staircasing.
Some housing associations (only a few) cap the amount of shares you can buy. Make sure you discuss this with your housing association, so you’re clear on exactly how much you can staircase before you buy a property with them.
Within reason! You don’t need anyone’s permission to hang pictures, strip the hallway, or paint every room a different colour. But knocking down walls or any other structural changes will need the housing association’s say. Of course, any improvements you make to the property will be taken into account when you want to sell – it could increase its value.
Should I buy with shared ownership in London?
London: it’s lively, it’s cool, it’s cosmopolitan. This is a city obsessed with the Next Big Thing – be it cult restaurants, imaginative fashion stores and bars that everyone’s trying to get into. A serious international player, it’s not one for complacency and London’s neighbourhoods are constantly evolving - from hipster-centric Shoreditch to the work-hard play-hard mantra of Canary Wharf. There’s no question you want to stay. But just because you’re tired of renting doesn’t mean you have to bid farewell to the capital. You can get on the property ladder, be it through shared ownership in London or help to buy. Here’s how…
Part-buy Part-rent London
Culturally, it ticks all the boxes, job-wise – it’ll never let you down, and when it comes to fun and exciting things to do, well, you’re spoilt for choice. And with the Elizabeth Line (formerly Crossrail) set to speed up commutes and travel across the capital later this year, there’s never been a better time to invest in a property in the Big Smoke.
The question is, can you afford it? Naturally, the answer is a big fat yes. How? Through shared ownership - a fantastic option for wannabe homeowners.
So you’ve fallen in love with the big Smoke and want to put your roots down. The good news is there are thousands of shared ownership properties in the capital where you can ‘part buy part rent’, from plush one-bedroom flats in Southwark to three-bedroom waterside apartments in Canary Wharf. Many are attached to workspaces, thrumming cafes and green pockets, and interior-wise, they’re cool and contemporary spaces. If you want East London’s rollicking nightlife, alternative restaurants and arts scene on your doorstep, there are several shared ownership properties peppered around with swish kitchen/ diners, secure parking and easy access to key tube and overground stations.
Resales in London
Living amongst the grandeur of Zone 1 isn’t off limits either, with a new development on City Road, amongst the tech upstarts and creative collectives in this part of town. Head south, to the charm-filled streets of Wandsworth, where flats come with balconies, and over in leafy Greenwich, white-washed homes in immaculate condition open to views of the Royal Arsenal. With such regeneration sweeping across the capital, the option of Shared Ownership Resale properties is something home-owner hopefuls should also consider.
The principle is simple: it’s the same government-backed scheme with the ‘part rent part buy’ element, but you’re buying a property from an owner who originally bought the home through shared ownership.
Choose a Resale as your property ladder stepping stone, and you’ll purchase at least the current owner’s share on the existing lease, with the chance to buy more shares as time goes by. Winner.