Why Do First-Time Buyers in South London Choose Shared Ownership?

Struggling to find a London property on the open market with a deposit you can afford? You're not alone. Areas like Kensington, Chelsea and Westminster remain some of the priciest areas in the city for homebuyers in the UK. However, with Shared Ownership, purchasing your forever home could finally be within reach, especially if you’re looking for a property in South London. 

With the rise of remote and hybrid working, living in or near Central London is becoming less of a necessity. South London Boroughs like Croydon and Greenwich are an increasingly popular alternative. House prices are lower, properties tend to be more spacious and the transport links into the city centre make for an easy commute. 

What Does Shared Ownership Mean for First-Time Buyers in South London?

Shared Ownership is a government-backed affordable housing scheme designed to help new buyers onto the housing ladder. With a Shared Ownership property, you buy a share of your home and pay subsidised rent on the rest. It can be more affordable because you place a deposit on your share of the property rather than the full value. If you decide you want to own more shares in the future, you can do so through a process called staircasing. 

Read NHG's guide to staircasing and deep dive into Shared Ownership here. 

Think Shared Ownership is for You?

See If You Meet the Eligibility Criteria

You can apply for one of our Shared Ownership properties in London if:

• You don’t already own a home (or you’ve sold your current home before you purchase)
• Your household income is less than £90,000.

Consider What You Can Afford

Before you apply, it’s worth considering the upfront and long-term costs of taking on a mortgage and how you plan to meet them. We provide a guidance income for each property, indicating the minimum household earnings required to pay these costs comfortably. If you have any questions about the guidance income shown on a property, please get in touch with our team.

Shared Ownership Costs

Initial costs will include:

• Reservation fee
• Deposit
• Legal costs
• Survey fees
• Mortgage arrangements
• Stamp Duty
• Removal fees

Long-term costs will include:

• Mortgage
• Rent
• Service charge
• Council tax
• Utilities

Employment

When you do apply for Shared Ownership, we’ll need you to provide pay slips from the past three months as proof of employment and income. If you’re self-employed, then you’ll need your tax returns from the last three years or audited accounts for the last two years alongside your earning projections for the current year. 

Begin the Application Process

• Decide if you’re buying solo or with someone. If you apply together, you’ll be buying together! 
• Choose your NHG development and the property size you’d like. 
• Create an account and complete an application form. Make sure to keep your application details up to date. 
• Prepare the supporting documents for your application. We’ll require proof of identity, address and your financial history. 
• Meet with a solicitor and find out what mortgage options are available. 

For a comprehensive step-by-step guide on how to apply for Shared Ownership, visit our page on applying for the scheme. 

NHG’s Shared Ownership Homes in South London: Croydon & Greenwich

NHG has Shared Ownership homes across London, from Westminster to Croydon to Greenwich. You can browse all our properties using the development map or find out about our South London new-build apartments below. 

Aspect Croydon

Aspect Croydon, coming soon in Spring 2025, is ideal for commuters, with transport links like the Wellesley Road tram stop and East Croydon station on your doorstep. Boxpark Croydon and Croydon High Street are just a three-minute walk away, allowing you to explore nearby shops and restaurants at your leisure. 

Properties are available with up to three bedrooms and all the apartments feature full-height windows, a modern bathroom and a kitchen with integrated appliances. 

Kidbrooke Square

Kidbrooke Square has a collection of one-, two- and three-bedroom Shared Ownership apartments available. The surrounding area is currently under development and will include retail spaces and an onsite gym for residents. Kidbrooke Square is another great option for commuters, just a 30-second walk to Kidbrooke Station.

Contact us for more information about our South London developments and begin your homeownership journey.