Shared ownership housing 'attracting an older demographic'

Posted: 16 Apr 2010 09:03:52 GMT

While shared ownership housing schemes may be widely considered as a means of helping first-time buyers to get a foot onto the property ladder, they are now attracting an increasingly older demographic, it has been claimed.

The Times reports older homeowners who no longer wish to maintain a large property are opting for shared ownership schemes to free up some extra cash.

One such example is 62-year-old Ken Breakspear and his wife Maria, who are currently in the process of securing a 25 per cent share in a flat in Wantage, Oxfordshire.

He explained: "We looked at local retirement homes and other flats but we would have had to spend a lot more for less space."

Mr Breakspear said with a shared ownership scheme, the couple can choose to invest more in the property next year or use the extra cash to go on holiday.

"We'd quite like to go on a cruise. Or maybe even to Las Vegas," he advised.

Shared ownership schemes make purchasing a property more affordable by allowing a would-be homeowner to part-buy and part-rent.

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