Southern Home Ownership: Introducing Second Steps

6th February 2020

Second Steps is an award-winning initiative from Southern Home Ownership, whereby existing Shared Ownership residents can purchase their next home (or “Second Step”) on a Shared Ownership basis.

If you own a Shared Ownership home and have outgrown the property, Second Steps allows you to sell the property and purchase a new home within London on the open market. Our Sales Service Team assists with the sale of your existing property and we also help with the onward purchase of your new property under the terms of the Shared Ownership initiative.

Available to residents from Southern Housing Group and other Housing Associations, Second Steps gives Shared Owners freedom to find a suitable new home on the open market – homes that may otherwise be unavailable to purchase due to financial constraints.

Second Steps is particularly useful for existing Shared Owners that need to move due to work commitments, or need another bedroom due to a growing family, for example.

How it works:

  1. You must currently live and buy in London.
  2. You make an application to find out what you can afford.
  3. We find a buyer for your current home.
  4. You find a new home on the open market.
  5. Southern Housing Group will buy the home you want.
  6. You purchase a share between 25-75% from the Group and rent is payable at a discounted rate on the share you don’t own – just like a Shared Ownership purchase.

The Second Steps initiative also provides reassurance to potential Shared Ownership buyers, who haven’t yet purchased a home, but expect they will need to move from their Shared Ownership home in the future.

Second Steps purchases are restricted to properties valued at less than £600,000. The new home must also have two or more bedrooms and must be a freehold property. More details of the Second Steps Terms and Conditions can be found on our website.

Check out this video from Southern Home Ownership for a breakdown of the Second Steps scheme!

Want to know more about our Homeowner Services?

Visit the Southern Home Ownership Hub, you’ll find information on extending your lease, increasing the share in your home, selling your property and more. Plus, our dedicated Sales Services Team are also on hand to provide assistance and answer any questions you may have. You can call the team on 0300 55 2171 or email at sales.servicesenquiries@shgroup.org.uk