Shared ownership in Manchester
A range of two bedroom apartments available to buy with shared ownership in central Manchester, Salford Quays and MediaCity.
Islington Wharf
Find yourself at home in Manchester's New Islington.
Now more than 60% sold, shared ownership homes are available from £118,825 (for 35% Full Market Value).
Furness Quay
A distinctive collection of two bedroom apartments and duplexes.
Ready to move into. Shared ownership available from £86,100 (for 35% Full Market Value).
High Definition
Final release. Last chance to buy.
Available with shared ownership from £98,525 (for 35% share Full Market Value).
What is shared ownership?
Shared ownership offers an alternative and more affordable route to home ownership than outright sale. As a government-backed scheme it allows you to step onto the property ladder with a smaller mortgage deposit.
By purchasing a share of a property you reduce the initial costs of buying a home. You're required to buy the largest share you can afford (starting from 35% for our current Manchester developments), and you'll pay subsidised rent on the remaining portion. Over time, as your circumstances allow, you can increase your share up to 100% for full ownership.
Shared ownership also allows you to see your share at any time, making it a flexible and practical way to invest in your future.
Why rent when you could own in Manchester?
Shared ownership can provide an accessible route to home ownership.
The example below, for guidance only, is an overview of the type of saving that could be made. Figures will vary due to individual circumstances.
National example
According to home.co.uk, the average asking rent for apartments in Manchester was £1,410* per calendar month. With shared ownership, your outgoing could be just £982 a month for a two bedroom house at Furness Quay.
That’s an approximate saving of £428 a month, based on:
- A minimum 35% share of £84,000 (Full Market Value £240,000).
- 5% deposit of £4,200.
- £79,800 mortgage value.
- £428 monthly mortgage repayments at a five-year fixed rate of 5% on a 30-year term.
- £357.50 a month rent calculated on 2.75% annual cost of the remaining share value.
- £196 a month estimated service charge.
It's about half what I was paying when I privately rented, and I actually have security in where I live. I actually own where I live, which is so much better.
Islington Wharf buyer