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You can buy a home through shared ownership if both of the following are true:
- your household income is £80,000 a year or less (£90,000 a year or less in London)
- you cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:
- you’re a first time buyer
- you used to own a home but cannot afford to buy one now
- you’re forming a new household – for example, after a relationship breakdown
- you’re an existing shared owner, and you want to move
- you own a home and want to move but cannot afford a new home that meets your needs
As of April 2016, you’re no longer required to live or work in the borough where you intend to buy. However, with some developments, local authority planning permission may require that preference is given to applicants who already live or work in the area. This is put in place by the local council and not the housing association. Priority will also be given to members of the military.
Edward Point, Abbey Quay: Shared Ownership homes
The Shared Ownership scheme is a Part Buy, Part Rent way of owning your own home for a smaller upfront payment.
The price advertised represents purchasing a 25% share of the property.* The minimum share you buy will be based on your maximum affordability.
You can buy a minimum 25% share of your home (the maximum you can buy initially is 75%). When you're ready, you can buy more shares until you staircase to own 100% of your home. With Shared Ownership, you buy a share of your home using a mortgage from a bank or building society and pay a subsidised rent on the share you did not purchase. The combined mortgage and rent is usually less than you'd expect to pay if you bought a similar property outright.
Abbey Quay, Barking
Abbey Quay is a development set in Barking's exciting new riverside quarter. Combining the convenience of city life with the neighbourhood feel of a friendly village, Abbey Quay brings you the best of both worlds.
Plot 456
Reserve this spacious two bedroom apartment, positioned on the 23rd floor with a spacious and private balcony. Featuring Weston Homes' fully inclusive specification, enjoy an open plan living area, a stylish kitchen with fully integrated appliances and a high-tech bathroom and en-suite.
5 reasons to buy at Abbey Quay
1. Affordable homes to help you onto the property ladder
Shared Ownership can offer you an alternative route to homeownership if you are unable to buy on the open market.*
2. Weston Homes' fully inclusive specification
Fully integrated appliances, flooring throughout, superfast broadband and so much more.
3. Excellent transport connections
Commute directly to Canary Wharf in 17 minutes from Barking train station which is a 10-minute walk away.†
4. Communal spaces
Residents can socialise with their neighbours in the Resident's Hub and unwind in the private podium gardens.
5. New build apartments
Save an average of over £780** every year on your household bills AND all apartments come with a NHBC 10-year warranty. Click here to find out more.
Katy, a happy Weston Homes buyer and resident at Abbey Quay said “To anyone looking to buy a new home at Abbey Quay, I would say don't hesitate."
Book your exclusive viewing today!
*Initial shares purchased are usually between 25% and 75% of the full purchase price. The percentage will be calculated on your maximum affordability. Sage Homes and Weston Homes do not offer mortgage advice; prospective buyers should always seek independent nancial advice before proceeding. Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. †Journey times are taken from National Rail and Google and are approximate only. **Source: Home Builders Federation, January 2025. Internal photography is of a typical Weston Homes show home and is indicative only. Service charge is an estimate only. Specification may vary. Speak to a Sales Consultant for further details. E&OE.
You can add locations as 'My Places' and save them to your account. These are locations you wish to commute to and from, and you can specify the maximum time of the commute and by which transport method.
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