McCarthy Stone has announced that it will be opening a range of new affordable shared ownership developments across the North and the Midlands in 2025.
The move by the developer and manager of retirement communities is in response to the growing demand to provide more affordable housing options for those aged 65 and over with limited equity in their homes and follows the success of its first scheme to launch in Oldham earlier this year.
McCarthy Stone’s more affordable scheme is being delivered as part of the Homes England Older Person’s Shared Ownership (OPSO) initiative. The first of its new shared ownership developments for older people is Sydney Grange in Oldham, Greater Manchester, where apartments are currently available for £95,000 with a 50% ownership option. The development has seen owners moving in since the start of this year, with 60% of the apartments already taken.
Other shared ownership exclusive developments coming this year include Jennings Grange in Idle, Bradford and Botham Place in Erdington, Birmingham, both scheduled for completion in the summer of 2025, and Daybrook in Nottingham which will be ready to occupy from autumn 2025.
Discussing the topic of affordable shared ownership for older people, John Tonkiss, CEO of McCarthy Stone, explained: “We are committed to making all of the benefits of the retirement living lifestyle more affordable and accessible than ever before. The launch of our affordable shared ownership offer is in response to significant demographic trends – our research shows that more than 2.6 million older homeowners in this country are trapped in homes no longer suitable for their needs, and older people are increasingly concerned by the ongoing cost of living crisis.”
“These homeowners will typically have limited housing equity of between £125,000 to £250,000. Until now they may not have been able to afford to purchase a property better suited to their needs – that’s because they’re part of the ‘squeezed middle’, as neither are they able to qualify for social housing and have often been forced to remain in accommodation that is becoming unsuited to their needs.”
“Affordable shared ownership properties provide an opportunity for many more older people to enjoy a long, and stress-free retirement, and we look forward to rolling out new affordable retirement communities across the North and Midlands in the coming years.”
