The move by the UK’s leading developer and manager of retirement communities is in response to the growing demand to provide more affordable housing options for those age 65+ with limited equity in their homes, and follows the success of its first scheme to launch in Oldham earlier this year.
Bringing the concept of retirement living to a much wider group of people than ever before, 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 McCarthy Stone’s new exclusive shared ownership developments for older people is Sydney Grange, in Oldham, Greater Manchester, where apartments are currently available for just £95,000 with a 50% ownership option. The development has already proved popular – with owners moving in since the start of this year, 60% of the apartments are already spoken for.
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 summer 2025; and Daybrook in Nottingham, ready to occupy from autumn 2025. The list will be extended into next year.
Key to shared ownership is that purchasers do not pay the full market value of the property, with a range of ownership options allowing them to purchase up to 75% at which point there is no rent to pay on the remaining share, or ground rent either. As an example, at Sydney Grange a 75% share of a £190,000 property would be £142,500 with nothing further to pay on the remaining 25% share.
Alternatively, a lower percentage share can be purchased, with an affordable monthly rent payable on the remaining share. For example, purchase a 50% share of the same apartment for £95,000 and pay a low monthly rent of £218 per calendar month.*
Discussing the topic of affordable shared ownership for older people, John Tonkiss, CEO of McCarthy Stone, explains: “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.”
A recent study [1] by Homes England highlighted that living in retirement housing results in improved levels of happiness, satisfaction and wellbeing. According to McCarthy Stone, retirement housing brings a whole raft of other benefits, including releasing local homes in the area when older people downsize, stimulating investment on the high street and reducing pressure on the NHS and social care services.
[1] Measuring_the_Wellbeing_and_Fiscal_Impacts_of_Housing_for_Older_People.pdf (publishing.service.gov.uk)
*Prices correct and based on availability as at 22/04/2025. Other shares are available.