Shared ownership is a housing scheme that allows individuals to buy a portion of a property while renting the remaining share. This approach makes homeownership more accessible, especially for those who may struggle to afford a full mortgage. Typically, buyers purchase between 25% and 75% of the property and pay rent on the rest, which is owned by a housing association or developer. This model is particularly popular in urban areas where property prices are high. It provides a pathway for first-time buyers to enter the housing market, enabling them to gradually increase their ownership share over time through a process known as staircasing.