What is Shared Ownership?
Shared ownership allows first time buyers or those who currently do not own a property in the UK or abroad to purchase one. You can normally purchase a minimum share starting at 25% or more for new builds and resale properties. You would pay a subsidised rent on the remaining share and have an option to purchase additional shares (known as staircasing) on the remaining share. The rent will decrease as you purchase additional shares. If you eventually purchase 100% of the share you will pay no rent.
You must be on our housing register. You can apply to join the housing register online (We may forward your details onto shared ownership providers operating in Kingston).
You must also:
- be a current resident of Kingston Council
- be a first time buyer or do not currently own a property in the UK or abroad
- be in full-time employment.
- have an income of no more than £90,000
- have savings of least £4,000 to cover the cost of a deposit
Why shared ownership?
The scheme enables you to purchase a property with a deposit as low as 5% of the share that you are purchasing and normally a lower income than if you purchase on the open market. This means that you could get onto the property ladder without overstretching yourself. In addition, you could have a security of tenure so that as long as your rent and mortgage are paid you can remain in the property. Shared ownership is a cheap and affordable alternative to purchasing a property if you are unable to purchase one on the open market.
Where can I find properties?
Please contact the Housing Associations with your enquiries to see the latest available properties.
There are a number of developments being launched in the Kingston area. Some of these include:
- The Verdant Mews Development which will offer a number of shared ownership apartments close to the city centre. If you are interested, please enquire to Clarion Housing
- Queenshurst Square is located in Kingston’s city centre. This will be launched in the Spring 2019. If you are interested, please enquire to Wandle Housing Association
- Richmond Housing Partnership - coming soon
Find properties in other parts of London
If you want to buy a home in another London borough, you do not have to be on our Housing Register. Instead you can search for available properties through First Steps on the Share to buy website.
If you find one you are interested in, there’s an option to contact the housing provider. You’ll need to register with the First Steps scheme on the Share to buy website first.
(In March 2013 First Steps changed its registration process. You may need to re-register with them if you had an account before they made changes.)