AFFORDABLE HOMES
OPENING DOORS FOR FIRST TIME BUYERS: THE NEW SHARED OWNERSHIP MODEL
If you’ve been doing your research on Shared Ownership recently you may have come across the term “new model lease”. But what is it? And what does it mean?
to purchase from just a 10% share, significantly reducing the upfront costs associated with buying a home. A financial adviser will unpack how lower shares effect your monthly costs, where your rent is based on the share you don’t buy.
To understand the new model lease, it helps to know a little about how Shared Ownership homes are funded. Housing providers can apply for Government funding to support the delivery of affordable homes. In 2021, when the Government announced its new Affordable Homes Programme and released more funding, changes were introduced to the Shared Ownership model designed to offer greater flexibility, lower deposits and provide additional support for homeowners once they had moved in. So, any Shared Ownership homes built using this funding must offer the new model lease. Here’s what’s new: LOWER 10% MINIMUM SHARES One of the biggest changes is the introduction of 10% minimum shares. Previously, buyers would
Home X
Under the new lease, this has become even simpler. Buyers can purchase an additional 1% share each year during the first 15 years of ownership without needing a valuation. For those wanting to increase their ownership quickly, the minimum staircasing amount has also been reduced from 10% to 5%. The benefits of the new Shared Ownership model are already being felt by buyers at Southern Housing New Homes’s Brighton scheme Home X. Since launching a collection of homes under the new lease, more people have been able to take their first step on to the property ladder, thanks in part to the option of purchasing a smaller initial share which started from just £28,500 for a one bedroom home. In fact, with the latest release, buyers at Home X have purchased an average share of just 11%, highlighting the growing demand for lower-cost routes into homeownership and demonstrating how the scheme is helping make buying a home more achievable for a wider range of people. Home X offers contemporary one and two bedroom Shared Ownership apartments in Moulsecoomb, just moments from Brighton’s vibrant city
centre and coastline. Residents benefit from private balconies, stylish interiors, co-working facilities and excellent transport connections, with Moulsecoomb station located right on the doorstep. The new model lease is also available within The Clearwater Collection, the latest phase of homes at Wharf Twenty One in Shoreham-by-Sea, where prices start from £29,750* for a 10% share of a one bedroom apartment (FMV: £297,500). Set alongside the River Adur, these one and two bedroom apartments feature private balconies or terraces, stylish interiors and access to landscaped communal gardens. With nearby cafés, leisure facilities and restaurants, this development is ideal for first time buyers looking for a vibrant and well-connected community.With Shoreham- by-Sea station less than a 10-minute walk away, residents can enjoy fast routes to Brighton, London, Southampton and Portsmouth. Affordability and eligibility criteria apply. Visit shnewhomes.co.uk to find out more and discover homes available under the new model lease
MAINTENANCE CONTRIBUTIONS
Owning a home comes with plenty of exciting milestones, but sometimes it comes with unexpected costs too. That’s why the new model lease includes additional support towards certain repairs and maintenance costs. For the first 10 years of ownership, eligible buyers can claim up to £500 each year, with any unused allowance rolling over for a further year. EASIER STAIRCASING Shared Ownership has always offered buyers the opportunity to increase their share over time, through a process known as staircasing.
typically purchase at least a 25% share of a property.
Under the new model lease, a selection of homes are available
*Pricing correct at time of distribution to the publisher
Wharf Twenty One
52 First Time Buyer August/September 2026
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