How is shared ownership changing?
In 2021, the government introduced the Affordable Homes Programme (AHP) to make homeownership more accessible. This included updates to the shared ownership model to help even more people step onto the property ladder.
For a limited time, both the old and new models will be available. We will market our homes under one of these models, depending on the development or property. If you need further assistance regarding the specific shared ownership model of a home, our sales team will be happy to help.
Who can apply for shared ownership?
Shared ownership helps people who cannot buy a home on the open market. Applicants must meet the following criteria to qualify:
- You must be at least 18 years of age.
- Your annual household income must be less than £80,000, or less than £90,000 if buying in London.
- You must be a first-time buyer or in the process of selling your home
- You must not own any other property at the time you buy your home.
- You must not be able to afford a home suitable for your needs on the open market.
Additionally, you will need between 5-10% of the equity share you are buying as a deposit and access to funds for the costs associated with purchasing your home. You’ll also need to demonstrate that you can comfortably afford the mortgage payments, rent, service charges, and bills.
Can I buy more shares of my home?
Staircasing allows you to increase your ownership share of the home you bought. You can buy additional shares at any time that is financially convenient for you, allowing you to eventually own your home outright. The market value of the property at the time of purchase determines the price of the additional share. The percentage of shares you can buy depends on the funding model under which your home was originally purchased.
As a rule of thumb, the more shares you own, the less rent you will pay to Hyde on the remaining portion. While there is no obligation to staircase, it’s an excellent way to work toward full homeownership.
Can I sell my shared ownership home?
If you need to move or feel that you’ve outgrown your current home, you can sell it at any time, regardless of the percentage of shares you own.
To ensure your home reaches buyers who qualify for shared ownership, we have the right to find a buyer for you within a specified period, as stated in your lease. We charge a fee for this service, which typically is lower than the cost of an estate agent. If we do not find a buyer within this timeframe, you are free to make your own arrangements.
You can sell your home through back-to-back staircasing before listing it on the open market, or sell your share to an approved buyer who meets the Homes England & GLA criteria for shared ownership.
If you own 100% of your property, you can list it on the open market through an estate agent.
New builds or pre-owned homes?
Hyde New Homes offer a range of homes, including brand-new homes and pre-owned ones, known as resales. Both offer unique benefits, so consider what fits best with your needs and preferences.
New builds
A new build property provides a fresh, blank canvas for you to decorate and personalise. These homes typically come with lower maintenance requirements and the latest features and finishes. However, new builds may be priced higher compared to resales.
Resales
Resale properties are pre-owned homes offered by current shared owners looking to sell. We list these homes on our website, where you can use the ‘Find a Home’ tool and filters to view available properties. Resale homes usually cost less than new builds, are often just a few years old, still have contemporary designs, and are available in more locations.
Take the First Step Towards Homeownership
Hyde New Homes provides award-winning, high-quality, and affordable shared ownership homes. Click the “Register” button below to complete your shared ownership application and gain access to “My Hyde,” your personal space to save favorite developments, manage search criteria, and oversee your booked viewings.