Shared ownership reforms could improve lives of 500,000 older people

Approximately 500,000 elderly people could be helped into affordable homes which meet their needs if reforms to shared ownership go ahead, an inquiry has found.

The All-Party Parliamentary Group (APPG) on Housing and Care for Older People explored how the part-own, part-rent model could help those who can’t afford to downsize to find suitable housing as they get older.

The inquiry found there was a significant demand for affordable, good quality housing for older people and therefore a lot of potential for this shared ownership model which usually ties in access to care and support if required.

Several problem areas in need of reform were identified by the panel, which made recommendations such as raising awareness of shared ownership options, strengthening consumer protection for buyers and better support for ‘staircasing’ and re-sale of properties.

Lord Best, Chair of the APPG Inquiry Panel, said: ‘With modifications, shared ownership could be a gamechanger in making ‘rightsizing’ an affordable option for thousands of people.

‘Our inquiry recommends stronger consumer protection, access to good advice and a simpler grant system.

‘With these changes, the shared ownership model could achieve the breakthrough needed to help large numbers move from family homes to more manageable, accessible, energy efficient homes and enjoy companionship and an active later life.’

The inquiry’s report, written by The Smith Institute and supported by Housing 21, suggests improvements for the government’s grant-aided Older People’s Shared Ownership (OPSO) scheme and planning reforms to ensure the delivery homes specified to the needs of the elderly.

A plan to encourage private investment in the sector has also been proposed, while more research to better understand the needs of marginalised groups and recognition of the wider benefits of shared ownership housing was also recommended.

Jeremy Porteus, Inquiry Panel Member and Chief Executive of the Housing Learning and Improvement Network said: ‘We need to improve the range of housing tenure options for older people. The SO-HAPPI report makes a forceful argument on how this can be delivered to boost the market.’

Photo by Tatiana Zanon