Unravelling the truth – dispelling 7 common shared ownership myths!

Unravelling the truth – dispelling 7 common shared ownership myths!
6th August 2023

Buying a home has always been a dream for many in the UK, but with soaring property prices, it often feels like an unattainable goal. However, there's a lesser-known option that could make your dreams a reality - shared ownership. Despite its many benefits, shared ownership is often surrounded by myths and misconceptions. In this blog, we'll debunk these myths and shed light on what shared ownership is really like.

Myth 1: Shared ownership is only for low-income individuals

One of the most prevalent myths about shared ownership is that it's only available to people with low incomes or those on social housing lists. While it's true that shared ownership was initially designed to help first-time buyers unable to save a large deposit, it is not exclusively limited to them. The scheme is open to a wide range of potential buyers, including key workers and individuals who can't afford to purchase a property on the open market.

Myth 2: You can't fully own the property

Another common misconception is that you can never fully own a property through shared ownership. The truth is that shared ownership provides a stepping stone towards full homeownership. Initially, you can purchase a share of the property (usually between 25% to 75%) with a mortgage, and the rest is owned by a housing association. Over time, you can increase your share through a process called "staircasing," eventually leading to full ownership if you choose to do so.

Myth 3: Shared ownership means living with roommates

Some people confuse shared ownership with house sharing or co-living arrangements, thinking they'll have to live with roommates. In reality, shared ownership is all about having your own space and privacy. You become the sole occupant of the property, just like you would be if you bought with a “traditional” mortgage.

Myth 4: Shared ownership properties are of lower quality

There's a misconception that shared ownership properties are of inferior quality compared to properties sold on the open market. However, shared ownership homes are built to the same standards and regulations as any other properties. Housing associations take pride in offering well-designed, energy-efficient, and comfortable homes to their buyers.

Myth 5: You can’t make any changes to a shared ownership property

This is untrue, you're free to decorate and furnish it as you wish, just like any other homeowner! In some instances you’re even able to make bigger, structural changes, as long as you get permission from the housing association first. If you buy off-plan, you may even get to have a say in the layout and décor of the home in the construction phase.

Myth 6: It's difficult to sell a shared ownership property

Concerns about selling a shared ownership property later down the line often deters potential buyers. The truth is that selling a shared ownership property is relatively straightforward. You sell your share on the open market to another buyer eligible for shared ownership (this is known as a "resale”), sometimes the housing association will want the opportunity to do this first, or you may do it yourself. The value of your share will be determined by the current market value of the property.

Myth 7: Shared ownership is only available for flats

Shared ownership is not limited to flats or apartments; it also includes houses. Many housing associations offer a variety of properties, including one-bedroom apartments, family homes, and everything in between. This gives buyers the flexibility to choose a property that suits their needs and preferences. 

Shared ownership is a fantastic opportunity for aspiring home buyers to take their first steps onto the property ladder. It offers a chance to own a share of a property and build equity over time, eventually leading to full homeownership.

By dispelling these myths, we hope more people will consider shared ownership as a desirable option to achieve their dreams of buying a home. Remember, it's essential to do thorough research and seek advice from professionals to make an informed decision that suits your circumstances and future aspirations. Happy house hunting!


Shared ownership could open the door to your dream home. But is it the right move for you?

We can help you decide.

Contact Us

Got a question, general enquiry or something else?

Speak to our expert Our developments

Sign in


Free Valuation