What is the Resales home buying scheme?🏠

If you can’t afford to buy a whole home, you could buy the share of a home bought by its current owner when they used a shared ownership scheme (part rent/part buy). These homes are advertised by housing associations as “Resale”.

The share you would buy would be between 25% and 75% of the home’s value and you would pay rent on the remaining share to a housing association. You could buy bigger shares later when you can afford to in a process called staircasing.

You could buy a shared ownership resale home in England if:

your household earns £80,000 a year or less, or £90,000 a year or less in London.

you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

Only military personnel will be given priority over other groups through government funded shared ownership. However, councils with their own shared ownership home-building programmes may have some priority groups, based on local housing needs.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.