How to Move Out of a House Share and into a Shared Ownership Home
If you’re living in a house share in London, chances are you’ve experienced the less-than-glamorous side of communal living. Competing for fridge space and waiting your turn for the shower is less than ideal, and it’s easy to start craving more independence. However, with private rents rising and property prices becoming increasingly unaffordable, moving away from a house share can often feel like a distant dream.
That’s where Shared Ownership comes in. As a more accessible, affordable route to homeownership, this government-backed scheme could be your first step out of a house share and into a place you can call your own.
Why House Shares Stop Working
In your twenties, house shares have their place. You meet new people, you share the Wi-Fi bill, and you’re rarely short of someone to head out with for post-work drinks. But perhaps you’ve begun to crave more privacy and independence.
With a house share, you never know if your rent will rise, if your favourite flatmate will move out, or if your landlord decides to sell. If you want a place that finally feels like home, somewhere you can paint the walls, freely put your Lord of the Rings poster up, and finally stop labelling your milk, then a one-bedroom Shared Ownership apartment could be a smart choice.
From Compromise to Control
Moving on from a house share means more freedom. You can work from the kitchen table without worrying about someone else needing it, or invite friends over without negotiating around four different schedules.
It’s also about long-term security. With a Shared Ownership home, you’re not just paying for a roof over your head, you’re also investing in something that’s yours.
How does Shared Ownership Work?
Saving for a deposit continues to be one of the biggest barriers for first-time buyers, which is why many turn to renting in a house share. Shared Ownership helps bridge the gap between renting and buying outright by only needing as little as a 5% deposit on the share you purchase, while also reducing the size of the mortgage needed.
The idea is simple: you purchase a share of a property (usually between 25% and 75%), and you only need a deposit for the share you’re buying. On the portion you don’t own, you pay rent, often at a level that’s cheaper than private renting in London.
The big difference is that this rent goes hand in hand with a growing investment: the share you own. Over time, you can increase that share through a process known as staircasing, buying more of your home until you eventually own it outright, if you choose.
Practical Steps for Making the Move
Considering leaving your house share behind? Great Choice. Here are a few practical tips to help you prepare:
Budget wisely: Even if you’re still renting, setting aside small amounts regularly can help you build your deposit. Use our monthly cost calculator for more visibility around affordability.
Get your finances in order: Check your credit score, pay down any outstanding debts if possible, and organise the paperwork you’ll need, like payslips and bank statements.
Explore your options: Keep an open mind with your research. NHG homes has many developments available in areas benefiting from regeneration, providing you with an evolving community on your doorstep.
Ask questions: Whether it’s about eligibility, staircasing, or what the monthly costs will look like, our team can walk you through it all.
By taking these steps now, you’ll be in a much stronger position when you’re ready to make the move.
Ready to Move On?
Of course, life in a house share has its moments, but there comes a time when you’re ready for your own place. With Shared Ownership, you can make that shift sooner than you might expect, gaining both long-term security and a home you can be proud of.
At NHG Homes, we specialise in helping London renters make this move. Our Shared Ownership developments are thoughtfully designed with modern living in mind, often located close to transport links, shops and beautiful green spaces. With deposits starting from under £5,000, we make it easier than ever to take your first step towards homeownership.
Start your journey today by exploring our range of Shared Ownership homes in London.
