Shared Ownership

For many buyers across West Sussex, stepping onto the property ladder can feel out of reach. Rising house prices, larger deposit requirements, and stricter lending criteria have made traditional homeownership increasingly difficult—particularly for first-time buyers.

That’s where shared ownership comes in. As a government-backed scheme, it offers an affordable route into homeownership, allowing buyers to purchase a share of a property while paying rent on the remaining portion.

In this guide, we’ll explain how shared ownership works, who it’s for, and what buyers in West Sussex should consider before taking the next step.

What is Shared Ownership?

Shared ownership is a part-buy, part-rent scheme designed to help people who cannot afford to buy a home outright.

Instead of purchasing 100% of a property, buyers typically purchase between 10% and 75% of the home’s value, and pay rent on the remaining share, which is usually owned by a housing association.

This means:

• A smaller deposit is required (often 5–10% of the share you’re buying)
• Your mortgage is based only on your share
• Rent is paid on the remaining portion

Shared ownership properties are always leasehold, and monthly costs may also include service charges and ground rent.

Who is Eligible?

To qualify for shared ownership in England (including West Sussex), buyers must meet certain criteria:

• Household income of £80,000 or less per year
• Unable to afford a suitable home on the open market
• Typically a first-time buyer, though not exclusively

You may also be eligible if:

• You previously owned a home but can no longer afford one
• You’re forming a new household
• You’re an existing shared owner looking to move

In many cases, priority is given to buyers with a local connection to West Sussex, such as living or working in the area.

How Does the Buying Process Work?

Buying a shared ownership home follows a similar process to buying on the open market, but with a few key differences:

1. Find a Property

Shared ownership homes are usually:

• New-build properties
• Resale shared ownership homes
• Occasionally specialist homes (e.g. adapted for accessibility)

2. Financial Assessment

Buyers must undergo an affordability assessment to ensure they can manage:

• Mortgage repayments
• Rent
• Ongoing costs such as service charges

3. Secure a Mortgage

You’ll take out a mortgage on the share you’re buying—not the full property value.

4. Complete the Purchase

Once complete, you become a leaseholder and move into your home.

What is “Staircasing”?

One of the key benefits of shared ownership is the ability to increase your share over time—a process known as staircasing.

• You can buy additional shares when you can afford to
• As your ownership increases, your rent decreases
• In many cases, you can eventually own 100% of the property

This flexibility makes shared ownership particularly appealing for buyers expecting their income to grow.

Costs to Consider

While shared ownership reduces the upfront cost of buying, it’s important to understand the full financial picture.

Monthly Costs Include:

• Mortgage repayments
• Rent on the remaining share
• Service charges and maintenance costs

Although rent is typically lower than market rates, buyers must budget carefully as total monthly costs can still be significant.

Pros of Shared Ownership

• Lower deposit requirements compared to buying outright
• A realistic route onto the property ladder
• Opportunity to increase ownership over time
• Access to new-build homes in desirable West Sussex locations

Potential Drawbacks

• You won’t initially own the entire property
• Additional costs such as service charges can add up
• Selling a shared ownership property can be more complex
• Properties are leasehold, not freehold

Being fully informed is key to ensuring shared ownership is the right choice.

Is Shared Ownership Right for You?

Shared ownership can be an excellent option for:

• First-time buyers priced out of the West Sussex market
• Buyers with a steady income but limited savings
• Those looking for a long-term route to full homeownership

However, it’s important to seek professional advice and fully understand the financial commitment before proceeding.

Final Thoughts

In a competitive property market like West Sussex, shared ownership provides a valuable stepping stone for many aspiring homeowners. By lowering the barriers to entry while offering a pathway to full ownership, it continues to play a crucial role in helping buyers get onto—and move up—the property ladder.

If you’re considering shared ownership, speaking to a local estate agent or mortgage advisor can help you explore the best options available in your area.

Thinking about shared ownership in West Sussex? Our team is here to help guide you through every step of the process—from finding the right property to securing your mortgage.