Shared Ownership and New Homes: A Guide for Buyers in Nottingham

For many first-time buyers, getting onto the property ladder can feel like a challenge. Rising house prices and higher mortgage requirements mean saving for a deposit can take years. Fortunately, schemes like Shared Ownership and the availability of new-build homes in Nottingham are helping more people achieve the dream of homeownership sooner.

What is Shared Ownership?

Shared Ownership is a government-backed scheme designed to make buying a home more affordable. Instead of purchasing a property outright, you buy a percentage of the home (usually between 25% and 75%) and pay rent on the remaining share. Over time, you can increase your ownership stake through a process called “staircasing,” until you own the property outright.

This option is particularly attractive for:

• First-time buyers struggling with deposits.

• Young professionals who want to live in desirable areas without overstretching finances.

• Families looking for a more affordable step into a larger property.

Why Consider a New Home in Nottingham?

Nottingham continues to be a hotspot for property buyers thanks to its mix of city convenience, excellent schools, green spaces, and strong rental demand. Many new developments in and around Nottingham offer homes available through Shared Ownership, making them accessible to a wider range of buyers.

Benefits of buying a new-build home include:

• Energy efficiency – saving you money on bills.

• Modern layouts and finishes – designed for today’s lifestyles.

• Peace of mind – with new build warranties protecting your investment.

Shared Ownership vs. Traditional Home Buying

While Shared Ownership isn’t for everyone, it provides an affordable route into homeownership. The main difference is flexibility. Rather than waiting years to save for a large deposit, buyers can get onto the property ladder sooner, then gradually increase their stake when it is financially viable.

Shared Ownership FAQs

Do I need a mortgage for Shared Ownership?
Yes, in most cases you will need a mortgage for the share you are purchasing. However, the deposit required is much smaller compared to buying a property outright.

Can I buy more shares in the property later?
Yes, through a process called staircasing, you can increase your ownership percentage when you are ready, eventually owning the property outright if you choose.

Who is eligible for Shared Ownership?
Shared Ownership is typically open to first-time buyers, people who used to own a home but cannot afford to buy now, and those with a household income under £80,000 (£90,000 in London).

What costs are involved?
Alongside your mortgage and rent payments, you’ll need to budget for service charges, legal fees, and maintenance costs.

Is Shared Ownership only available on new homes?
Not always. While many Shared Ownership properties are new-builds, some resale properties are also available under the scheme.

How Woodstead Sales & Lettings Can Help

At Woodstead, we understand that buying your first home or exploring Shared Ownership can feel overwhelming. With over 30 years of combined industry experience, we guide buyers and sellers through every step of the process.

Whether you are considering a Shared Ownership home in Nottingham, looking at new-build developments, or weighing up your options, our team can offer clear, practical advice tailored to your needs.