Shared Ownership homes: Resale

When deciding to purchase through the Shared Ownership scheme, one of the decisions you’ll have to make is the type of home you’d like to buy – whether that be new build or resale.

Resale properties are homes that a current owner bought through Shared Ownership and now wishes to sell on. Alternatively, new build homes are purpose-built properties that are usually part of a larger development or area regeneration.


The overall principle of buying a resale home is the same as purchasing a new build property. The key difference is that you will not be required to attend the usual financial interview because the share you are purchasing must be equal to – or higher than – the share that the current occupant owns.

With a resale property, you’ll also see what you’re getting for your money. You will be able to view the property and fully envision yourself living there, something that you don’t get when you buy certain new-build homes that are sold off-plan.


The initial purchase price of a resale property can often work out cheaper than that of a new build home. The rent on a resale property also generally works out considerably less than that of a new build of the same type and size as these rent increases will be set out in the lease; they are also based on consumer price inflations, not on rising property prices.

However, older homes often need a bit more love than their new build counterparts meaning that the cost of renovations, decorating and general DIY work can add up. Additionally, older homes are often not as well insulated or energy efficient which may increase monthly outgoings.


Older properties will generally have a sense of character about them. Whether you like the period features of an older home, or appreciate some of the previous owner’s handiwork around the property, they’re visually quite different from a new build.

A buyer of a resale home will still be able to decorate and style their home according to their taste, however this isn’t always as straightforward with a resale property which may have already been altered and fitted out to suit the tastes of the previous occupants. Consequently, it may prove trickier to start afresh without doing some initial work first.


Most resale homes are situated within already established neighbourhoods; if you already live in the local area, you may even know your new neighbours before you move in! Existing homes in more established areas may also have Neighbourhood Watch action groups and other similar committees already in place.


As and when your financial circumstances change, you can choose to buy more shares in your resale home through a process known as Staircasing; this is completely optional and you do not have to buy more shares if you don’t want to. As you purchase more shares in your home, your mortgage payments will increase and your rent will decrease.

While you’ll need to check the terms of your lease for any potential restrictions to the process, you are generally able to staircase to 100% of your home, in which case you become the outright owner of the property.

Interested in purchasing a Shared Ownership home? Find a property in your area today by using the relevant filters on our search tool to narrow down your search based on new build and resale homes, locations, deposit amounts and scheme.