Thinking about your next step after buying through Shared Ownership?
Shared Ownership is an affordable housing scheme designed to help people buy a home who otherwise couldn't afford to buy on the open market. It has helped thousands of people in the UK step onto the property ladder and find a home to call their own.
If you are an existing shared owner, you may be wondering what options are available to you after you buy your first home through Shared Ownership.
Whether you have some extra savings and looking to build more equity in your current Shared Ownership home, or looking to start a family and need more space, there are several options available to you.
Find out more below and see what you can do with your Shared Ownership home.
Staircasing - Buying more shares in your Shared Ownership home
When buying a Shared Ownership home, you buy an initial share of the value of your home (usually 25%) and pay rent on the percentage you don't own.
With Shared Ownership, you have the option of buying more shares in your home, known as 'Staircasing'. By buying additional shares, you will own more of your home and pay less rent until eventually you staircase to 100% and own your home outright and pay no rent!
The price you pay for any extra shares in your home is based on the market value of your home at the time which could go up or down. The value will be set by an independent RICS-qualified valuer.
Discover more about Staircasing and how you can buy more shares in your Shared Ownership home.
Selling your Shared Ownership home
Shared Ownership is an affordable buying scheme aimed to help people step onto the property ladder. For some, it may be their forever home as they staircase and eventually own 100%.
For others, it's meant as a stepping stone to getting onto the property ladder and you may now be looking to sell your home.
Thankfully with Shared Ownership, it's easy to sell your home and you can sell at any time you need to. So whether you are looking to grow your family and find a bigger place or looking to move to a new area, selling your Shared Ownership home may be right for you.
Find out more information about selling your Shared Ownership homes and the steps involved.
Looking to buy a new Shared Ownership home?
Shared Ownership is designed to help first-time buyers get onto the property ladder. However, its not just for first-time buyers.
If you are an existing shared owner, as long as you are in the process of selling your home, you can usually buy another Shared Ownership property that better meets your lifestyle needs.
Some housing providers also have products available to allow you to step up and move from one Shared Ownership home to another helping you along the home-buying process.
Take a look and discover Shared Ownership homes near you available from Peabody New Homes.
Homeowner Stories
Discover a collection of homeowner stories from previous Peabody New Homes purchasers and find out how we were able to help them onto the property ladder and find their dream home through Shared Ownership.
"It's great to be living in a buzzing new area that is both affordable and has plenty to offer!"
"I couldn’t be happier to have found The Switch, and to have got on to the property ladder by myself in south west London London - it’s a real achievement. "
"Every time I go into Central London, I’m shocked at just how close I am."