Shared home ownership

Shared ownership enables you to:

• buy a 25%-75% share in your home
• rent the remaining share
• only need a deposit on the share you buy
• an alternative to renting or buying
• you can increase the share you own in stages

Affordable homes for Oxford

Oxford City Council is committed to ensuring everyone can live in an affordable home. Housing in Oxford is among the most expensive in the country. Shared ownership is a way of helping middle and low-middle earners to live in the city without experiencing financial hardship.

We also want people to live in high-quality homes. A property in poor condition may well be affordable but unfit to live in. Our shared-ownership properties are built to exceptionally high-standards.

Affordability and quality aren’t just major considerations at the point of purchase, we want our community to live happy, sustainable and healthy lives in the long term. Financial stability and avoiding the poverty trap is integral to people’s wellbeing. As is living in well-maintained, high-quality and sustainable accommodation. The security of a safe and affordable home has a positive impact on the physical and mental health of successive generations. This is integral to the continued growth and development of our vibrant and inclusive city.

Eligibility in Oxford

Oxford City Council’s shared ownership properties are not suitable for households who would spend more than 35% of their net income on housing. This percentage has been determined in line with our commitment to providing more affordable homes in Oxford and in accordance with the principles of our Local Plan.

Oxford is a beautiful, historic city. A centre of learning, research and innovation on a global scale. It is also a city where inequality is stark, where decent and affordable housing is out of reach for many residents.

The Local Plan prioritises the provision of affordable new homes, and high quality jobs, so that young people can afford to live and work in their home city. Accepting applicants who would be required to spend in excess of 35% of net income on mortgage, rent and service charges would conflict with the plan and render shared ownership properties unaffordable and unsustainable.

See our Local Plan

Why 35%?

In 2018, the Affordable Housing Commission published a report detailing research looking at what level of income spent on housing is likely to cause hardship and stress. It found that when rents or purchase costs exceed a third of household income it can lead to financial difficulties, arrears, debts and consequent personal problems. This position gets much worse if that percentage of income is a lot higher. The commission concluded that spending 40% of income on housing signalled a very serious affordability issue.

Shared ownership homes in Oxford will always be affordable and sustainable allocated to those who will benefit most from the scheme. They will always carry cheaper housing costs than like-for-like quality privately rented accommodation.

Both the Joseph Rowntree Foundation and Shelter both advocate the 35% upper limit to household expenditure for accommodation.

Eligibility and indicative costs

These examples illustrate eligibility and indicative estimated costs of a 25% share in a shared ownership home. These are examples only and should not be taken as financial or mortgage advice.