Low cost home ownership

There are a limited number of schemes available for people who cannot afford to buy a property on the open market.

View upcoming schemes

How it works

You buy a share of a property and pay rent on the remainder, gradually buying further shares so that eventually you could own the property outright.

Who is eligible

To register for a low cost home ownership scheme you must:

  • Have an annual household income of less than £90,000
  • Not already own a home or you will have sold your current home before you purchase or rent
  • Be able to demonstrate your mortgage capability and have the savings to cover all costs

These income levels are set by the Greater London Authority (GLA) and are reviewed every year.

Priority for these schemes is given to existing social housing tenants and serving MOD personnel, which meet the GLA criteria. Our Intermediate Housing Policy Statement(pdf, 89KB) explains how we seek to ensure that priority is given to those living or working in this borough during the initial marketing of new build shared ownership homes.

How to register

If you would like to register your interest in any of the above developments, you should register on the GLA Homes For Londoners website which lists shared ownership properties available in London and surrounding areas.

You may be eligible to purchase a shared ownership home in a neighbouring borough if you work there (such as Hounslow, Spelthorne or Elmbridge), where property prices are likely to be more affordable.

Case study

Find out more about Shared Ownership by hearing from Jo in Hampton Wick.

Contact

Email: housingadvice@richmond.gov.uk
Telephone: 020 8891 7409

Updated: 13 April 2018