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Shared ownership

Islington Council shared ownership scheme

Islington Council's shared ownership scheme is aimed at Islington residents who cannot afford to buy a home on the open market in Islington and want to make their first move into home ownership. One-bedroom homes and studio properties are offered under the scheme.

Priority is given to existing Islington social housing tenants and their children, people who are currently on the council’s housing waiting list and key workers.

Under shared ownership, you buy a share of a property and pay rent on the part you do not own. You can increase the share that you own over time and you are also free to sell your share in the property at any time.

If you are interested in shared ownership and would like more details about the council's scheme or an application form, contact 020 7527 7809 or housingdirectsharedownership@islington.gov.uk

Please see our shared ownership factsheet for further information about:

  • eligibility
  • types of properties available
  • the cost of buying a shared ownership property
  • your rights and responsibilities
  • how to buy further shares in your property
  • selling your property.

Registered Providers shared ownership schemes

A Housing Association or Registered Social Landlord is a non–profit organisation responsible for providing social housing. The name ‘Housing Association’ and ‘Registered Social Landlord’ has been replaced with the name Registered Provider (RP). Registered providers are regulated by the Homes and Communities Agency (HCA).  Information about shared ownership schemes is available on Share to Buy website.

Registered providers are the main providers in developing shared ownership and intermediate rented properties. In London, accessing shared ownership is managed by First Steps which is a free government service for first time buyers looking to buy a home cheaper than on the open market.

Through these schemes you buy a share of a property and pay rent on the remaining share you do not own. The size of the share you purchase will depend on your income and savings. Normally applicants buy a share ranging from 25-60%. Gradually, you can buy further shares and eventually own your home outright, which is called “staircasing”.

Priority for these schemes will normally be given to:

  • existing public sector tenants or
  • those on local authority or registered providers waiting lists that have been nominated by their local council as being in housing need.
  • Key workers
  • First time buyers

Generally, you must meet the following criteria to be eligible:

  • Your household income is less than £66,000 a year, or less than £80,000 a year if you are buying a property with three or more bedrooms.
  • You are a first-time buyer, or a homeowner who needs to move because of a change in your family's circumstances (in which case you must sell your existing property).

To apply you will need to register your details on First Steps.

 

 

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