Stock rises on shares

SHARED ownership could be the answer for anybody who wants to buy a home but can only afford a fraction of the asking price - and it is just as useful for some older people as it is for first-time buyers.

- By Deborah Stone

Most shared ownership properties are new-build apartments administered by housing associations such as Sovereign Network Group, which is currently offering £6,000 cashback incentives on the last of its one-bedroom flats at Knights Quarter in Winchester (0300 330 0718; sovereignliving.org.uk).

These contemporary flats in the heart of Hampshire's county town are for sale from £68,750 for a 25 per cent share of a £275,000 one-bedroom flat with a five per cent deposit.

Shared ownership restrictions mean they're not available to households earning more than £80,000 a year (£90,000 in London), nor to anyone who already owns a home unless they are in the process of selling it.

This prevents people buying second properties to rent out or use as holiday homes. Also, rent is paid on the percentage not owned.