Right to Shared Ownership
You may have heard about the new government initiative regarding Right to Shared Ownership. We’ve set out below what it is.
Southern Housing will have homes this will apply to, but not until 2026.
The scheme explained
The government opened applications for its Right to Shared Ownership Scheme on 22 December 2022.
This applies to some residents in social and affordable housing which has been built with the help of funding from the government’s Affordable Homes Programme 2021-26.
Residents living in one of those homes may be eligible for the scheme provided they are:
- A social tenant who has been in social housing for three years
- And have lived in a qualifying home for a year
Eligible residents will be able to buy an initial share of their home worth between 10% and 75% of its full market value, either in cash or through a mortgage, which can then be increased to 100% overtime through ‘staircasing’.
If they purchase their home, they will be responsible for service charges, utilities, and any insurance on the property.
Certain properties are exempt from the scheme. Further information is available on the government’s website.
Will you let me know if I’m eligible?
The scheme will support our residents with small, manageable steps onto the housing ladder through the Right to Shared Ownership.
Whilst this is great news for eligible tenants, at Southern Housing we don’t expect to deliver any homes under the scheme until 2026.
Our Home Ownership Team will contact eligible residents to confirm eligibility after this time.