{"id":23347,"date":"2017-06-05T14:35:03","date_gmt":"2017-06-05T13:35:03","guid":{"rendered":"http:\/\/newclone.retiremove.co.uk\/blog\/?p=23347"},"modified":"2017-10-19T10:02:49","modified_gmt":"2017-10-19T09:02:49","slug":"shared-ownership-way-affording-retirement-property","status":"publish","type":"post","link":"https:\/\/newclone.retiremove.co.uk\/blog\/shared-ownership-way-affording-retirement-property\/","title":{"rendered":"Is shared ownership and part-buy, part-rent the way forward?"},"content":{"rendered":"

New research reveals\u00a0that owning your own home does not always mean you can\u00a0downsize in later life\u00a0reports ELLIE O’DONNELL<\/h3>\n

“The\u00a0housing market is failing to meet the needs of older persons,\u201d declares\u00a0Helen Collins, head of housing consultancy at Savills,\u00a0which has found\u00a0that over 300,000 home-owning households\u00a0in the UK lack the equity to be able to downsize in the current market.<\/p>\n

Whilst the open market offers vast number of choices for the 40 per cent of over 65s that can afford to downsize and still be left with extra cash to supplement\u00a0their pensions, those with less equity have\u00a0fewer\u00a0options.<\/p>\n

These people are more likely to remain in their homes unless illness or financial hardship\u00a0force them\u00a0into sheltered housing.<\/p>\n

According to Savills, sheltered housing may be an option for some, but is not always attractive due to the \u2018age and design of the accommodation\u2019 on offer.<\/p>\n

It is estimated that some\u00a043\u00a0per cent\u00a0of all housing equity in the UK is owned by the\u00a065s, which amounts to\u00a0some\u00a0\u00a31.5 trillion. However, this equity is unevenly distributed as several of the new-build retirement properties\u00a0are priced so high that many can’t\u00a0afford them.<\/p>\n

One alternative is to part buy, part rent. Platinum Skies<\/a> has launched Monterey (pictured above), a development of 34 one-and-two bedroom apartments in Christchurch, Dorset costing \u00a3140,000 for a 50 per cent share of a one bedroom.<\/p>\n

David Hines, Chief Executive says, “We believe all retirees deserve a high-qualify lifetime home. Our unique approach to retirement make owning a home at Monterey truly affordable: low home purchase price, low costs and no hidden charges.”<\/p>\n

\"\"Monterey is set within the grounds of Christchurch hospital, walking distance from the town centre and near the Dorset coast.<\/p>\n

Properties are sold on 125-year leases with \u00a3500 a year ground rent \u2013 reviewed every 15 years. Rent is three per cent of outstanding value. Maintenance charges for one-bed are \u00a31,700 a year and \u00a32,180 for a two bed.<\/p>\n

The criteria for eligibility is that you have to own only one home and earning less than \u00a380,000 a year.<\/p>\n

There is currently some\u00a0560,000 sheltered homes available for older people to rent for a demand of 420,000. The reason for this oversupply is because the housing options are either unsuitable or not in areas people want to live in. Most older people prefer to move\u00a0near their existing\u00a0home,\u00a0close to\u00a0friends and family.<\/p>\n

But in many markets demand outstrips supply such as the New Forest, Sheffield and St Albans. This is because in urban cities such\u00a0as Birmingham and Leeds, demographic changes have seen older residents move away\u00a0to larger homes in the countryside.<\/p>\n

The Savills’ research concludes that social landlords could resolve retirement housing issues by using a method already being used in over 180,000 of working-age households: shared ownership.<\/p>\n

Savills believes that shared ownership has the potential to offer more attractive opportunities for the over 65 home-owning households.<\/p>\n

Helen Collins argues, \u201cHousing associations have the experience and capacity to develop new retirement housing options to meet the needs of those who don\u2019t have the equity to downsize in the open market.\u201d<\/p>\n

The results will not only be beneficial for the over 65s as she adds, \u201cA new retirement-living shared-ownership product could be a way to meet needs and free up much needed family housing\u201d.<\/p>\n

Savills found that in Leeds, Glasgow City and Wiltshire there are over 4,000 over 65-year-old households that could afford to downsize and buy a shared-ownership home but not a traditional home outright.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

New research reveals\u00a0that owning your own home does not always mean you can\u00a0downsize in later life\u00a0reports ELLIE O’DONNELL “The\u00a0housing market is failing to meet the needs of older persons,\u201d declares\u00a0Helen Collins, head of housing consultancy at Savills,\u00a0which has found\u00a0that over 300,000 home-owning households\u00a0in the UK lack the equity to be able to downsize in the […]<\/p>\n","protected":false},"author":3,"featured_media":23349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_analytify_skip_tracking":false,"cybocfi_hide_featured_image":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[13],"tags":[44],"yst_prominent_words":[9843,2805,7890,9847,9846,9849,2186,9844,1292,9850,1190,9845,5367,394,262,3655,9848,3013,9851,4671],"class_list":["post-23347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk","tag-uk-2"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-04-30 17:34:25","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category"},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/23347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=23347"}],"version-history":[{"count":8,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/23347\/revisions"}],"predecessor-version":[{"id":24428,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/posts\/23347\/revisions\/24428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/media\/23349"}],"wp:attachment":[{"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=23347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=23347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=23347"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/newclone.retiremove.co.uk\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=23347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}