The housing crisis is often seen from the perspective of younger homebuyers, when in fact the lack of affordable housing is a problem facing all ages, particularly when the under-supply of housing for older people is not keeping up with the fast-changing demographic.
Each year, just 7,000 new retirement properties are built, compared with a potential demand for around 30,000 specialist homes[1]. As a result, it is estimated that by 2045 there will be a shortfall of 350,000 retirement homes and supported housing specifically for older people[2].
To help make ‘rightsizing’ an affordable option for thousands more retirees in Idle, the UK’s leading manager and developer of retirement communities, McCarthy Stone, is offering a scheme, known as the Older Person’s Shared Ownership Scheme (OPSO), in conjunction with Homes England at its Retirement Living development, Jennings Grange on Bradford Road.
With on-site amenities and a ready-made community, specialist retirement communities, such as Jennings Grange, will play an important role in assisting retirees to live as independently as possible, for as long as possible.
How does OPSO work?
OPSO reduces the upfront purchase cost of a retirement property by providing a choice of home ownership options up to 75 percent. Importantly, for those who purchase a property at the maximum percentage, there is no rent payable on the remaining share.
To receive updates on Jennings Grange, including purchase prices, please contact 0800 882 1829 or visit www.mccarthystone.co.uk/jennings-grange.
How can OPSO benefit me?
OPSO is designed to make retirement living more affordable through flexible purchase options to suit individual circumstances, allowing more retirees to enjoy happier, healthier lives without having to worry about making their money stretch.
You can enjoy all the benefits of a McCarthy Stone retirement community, including a full and varied lifestyle, low-maintenance independent living, and state-of-the-art security, without committing to the full purchase price.
One couple who made the move using OPSO, Dot and Roy said: “We had considered selling our home and renting somewhere smaller from a private landlord, but with high local rents combined with the insecurity that a private landlord could serve notice on us at any given time, we felt this wasn’t right for us.
“When we toured the local McCarthy Stone development and saw the spacious apartments and beautiful communal spaces, we thought it would be far out of reach. However, the Sales Consultant kindly explained there were several ways to join the McCarthy Stone community, including Shared Ownership. The rest is history!”
Another couple, Moya and Norman shared their experience: “Had it not been for OPSO and McCarthy Stone, our options would have been hugely limited as we didn’t have the equity in our property. This would have meant we’d have been stuck in a property we were quickly tiring of, which was having a negative impact on our wellbeing and quality of life.
“This pathway has allowed us to retain home ownership whilst providing access to a range of added extras that we previously didn’t have, therefore giving our family great peace of mind. We were also keen not to sacrifice a second bedroom as part of the move, something we thought would not have been achievable with our budget.”
What happens when homeowners want to sell?
Should homeowners wish to sell their property in the future, they can do so through the Shared Ownership scheme. For a helping hand, McCarthy Stone has an in-house resales team who can help homeowners achieve the best price possible and ensure the process runs smoothly, relieving some of the pressure that comes with selling a property.
Who qualifies for OPSO?
To qualify for the scheme, you must be over 55 with a combined household income of less than £80,000 (£90,000 in London) and only own one property. To apply, you will require proof of identity and current address, along with proof of your household’s income.
Once complete, Jennings Grange will offer an affordable mix of one and two-bedroom retirement apartments, along with attractive shared spaces, including a communal lounge and well-maintained gardens. The development is perfectly positioned to take full advantage of Idle’s many amenities, from Rodley Nature Reserve to Lister Park and Gardens. For peace of mind, a House Manager will be on-site during office hours to ensure everything runs smoothly, while each property is fitted with the latest security features as standard.
Those wanting to take a closer look at the stylish interiors and the little details unique to the McCarthy Stone lifestyle can take a virtual tour via the McCarthy Stone website.
McCarthy Stone’s Shared Ownership scheme is available at various locations across the UK. To learn more about how it works, please visit here.
[1] Knight Frank, Residential Research: Retirement Housing (2016).
[2] National Housing Federation, The housing crisis: what will happen if we don’t act (2023).
This is an article in association with McCarthy Stone.
