Get a foot on the property ladder with shared ownership homes in sought-after location – find out how
Getting started on the property ladder and saving a big enough deposit can be difficult. Sound familiar? These new homes which are available to buy with Shared Ownership in an up-and-coming location in Sheffield could be the answer.
The dream of owning a home has long felt out of reach for many, especially with rising house prices, high mortgage rates and the financial burden of saving for a substantial deposit.
But the government-backed shared ownership scheme offered by Plumlife Homes is here to help.
Shared ownership offers a straightforward, flexible route to home ownership. Instead of purchasing a property outright, you can buy a share that you can afford – typically between 25% and 75%. In some cases, you can buy from as little as 10% of a home, if that’s the share level that’s affordable to you.
You then pay rent on the remaining share alongside your mortgage costs. This approach requires a much smaller deposit, making it ideal for first-time buyers or those with limited savings.
In the future, if your circumstances change, you can usually buy more shares of the property or even purchase it outright through a process called ‘staircasing’.
Whether you’re a single professional, growing family or someone re-entering the housing market, shared ownership provides an affordable and sustainable path to making your dream home a reality.
Introducing Kelham Central
Kelham Central is home to a stunning collection of three-bedroom townhouses situated in Kelham Island, a dynamic neighbourhood in the heart of Sheffield. Prices start from £117,500 for a 25% share with Shared Ownership.
Every home comes with a private balcony or roof terrace as well as an allocated parking space in a secure car park. Homes at Kelham Central are built to Passivhaus standard and come with a Mechanical Ventilation Heat Recovery unit. All of these features mean that the homes have a greater level of airtightness, experience consistent levels of home comfort and results in lower energy bills.
What deposit will I need to buy a shared ownership home at Kelham Central?
You can normally put down as little as a 5% deposit of the share that you are buying, rather than the full market value. So, if a new home costs £470,000, you could buy a 25% share for £117,500 with a 5% deposit of £5,875.
The smaller deposit requirement is one of the main reasons why shared ownership is known for being the affordable way to buy a new home. Many people also find that the monthly costs of a shared ownership home are cheaper than renting privately. Plus, you’re building up equity at the same time.
Location, location, location
Centrally located in the vibrant neighbourhood of Kelham Island, the area was voted as one of the Best Places to Live by the Sunday Times in 2023. The lively location boasts a variety of independent restaurants, cafes and bars, including favourites such as Domo, The Grind Café and Groke, amongst many others. Residents can enjoy easy access to local amenities such as a nearby Tesco supermarket, ensuring daily conveniences are just a short walk away.
The area is also well-connected, with excellent transport links to Sheffield city centre, which is within walking distance. Just a short walk from Sheffield train station, commuters will find their daily journey a breeze. The district’s charming cobbled streets, unique shops and frequent cultural events add to its appeal, making it one of Sheffield’s most desirable places to live.
What people say about buying a home with Shared Ownership
For many, the idea of homeownership feels impossible until it becomes personal. Meet the people whose lives have been transformed by Plumlife’s shared ownership scheme .
The main reason I chose shared ownership was the financial aspect of it. It opened up a lot more options for me. The deposit was lower, the mortgage was lower, and the rent for the remaining share was also lower. It allowed me to afford the type of home I actually wanted to live in.
A journey from uncertainty to security
When Dania first set out to buy her home, she faced the harsh reality of the housing market. With high property prices in the area she wanted to move to, her options seemed bleak. Then she discovered Plumlife.
In 2021, Dania took the leap and purchased a 50% share in a new home in Wythenshawe, Manchester, with the intention of one day owning her home outright. For the first time, she had a space to truly call her own. By 2023, thanks to careful planning and support from Plumlife, Dania turned her dream into a reality and bought her property outright.
Dania’s advice? “I would definitely recommend the Shared Ownership scheme to anyone else, as it allowed me to buy my own home.”
Find out more
To find out more about the new homes at Kelham Central and submit an enquiry, visit the Plumlife website.