When you buy a home through our shared ownership scheme, you are buying the share that you can comfortably afford while paying rent to the Council for the share that you don’t own. This means you’ll take out a mortgage or pay in cash to buy a share (between 25% -and 75% on most developments), and you will pay a subsidised rent for the share you haven’t purchased. You will also pay a charge for the maintenance of the building and communal parts, known as a service charge.
Shared ownership is popular because it gives people an affordable way into home ownership, and overall monthly costs are usually less than you would pay in rent for an equivalent property on the open market.
Our offer is unique, because we insist on the quality of our properties being 'tenure blind', which means you will get the same features in your home as someone who is buying the whole property. And because we believe our homes should be for local people first, we also prioritise current Hackney residents.
We’re also building homes to sell at market value, because in the absence of any government funding, we’re raising money to invest in a new generation of council housing.
These homes will be of the same fantastic quality as our shared ownership properties, and we’ll also prioritise local people who want to live in the new home – rather than rent it out.
Hackney Sales is not-for-profit. All money raised will go directly into funding new social housing for local people.