McCarthy Stone, the UK’s leading developer and manager of retirement communities, is now offering affordable shared ownership properties for older people at Westwood Manor, their new development now available in Beverley, East Riding. Apartments are available from £168,750 for a 75% share of a one-bedroom property, with no rent to pay on the remaining share*. The developer is offering these apartments to make retirement living accessible for a wider group of people than has been possible before.
For the over 55s, the Older Persons Shared Ownership (OPSO) scheme is a government-backed initiative and helps to reduce the costs of buying a retirement property, meaning they can enjoy a safe, secure and independent lifestyle for less. McCarthy Stone’s launch of these affordable shared ownership homes is in response to significant demographic trends – many homeowners have limited housing equity and whilst too well off to qualify for social housing have previously found retirement living properties, more suitable for their needs than their existing home, something of a stretch. Affordable shared ownership properties provide more opportunity for a wider range of older people to enjoy a long, and stress-free retirement. A recent study[1] by Homes England highlighted that living in retirement housing results in improved levels of happiness, satisfaction and wellbeing.
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. At Westwood Manor, a 75% share of a two-bedroom apartment is £255,000 with no rent 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 £170,000 and pay a low monthly rent of £390 per calendar month.*
McCarthy Stone launched OPSO in 2022, adding an affordable purchase option alongside purchasing outright or renting privately at many of its selling developments. Over 300 homeowners have already occupied or reserved an OPSO unit in this way, with reservation rates doubling in the past year.
Westwood Manor has 51 apartments across three floors, and is located on a tree lined street in Beverley – ‘the jewel of East Yorkshire’. It is situated in an attractive part of town, renowned for its architecture and close to Westwood Common – home to the Beverley Racecourse.
The development boasts superb communal facilities on site, allowing homeowners to enjoy a full and varied lifestyle. Socialise with neighbours and friends in the sophisticated lounge or unwind in the well-maintained gardens, and grab a delicious bite to eat in the chef-run bistro. For added peace of mind, an Estate Management team is always on-site to oversee the development and provide bespoke support packages tailored to individual need. Additional reassurance comes from having a 24-hour emergency call system and door camera entry in every property.
To find out more about Retirement Living PLUS and Westwood Manor please call 0800 882 1829 or visit www.mccarthystone.co.uk/westwood-manor.
*Shared Ownership prices are subject to availability. Other shares are available. For terms and conditions, click here: www.mccarthystone.co.uk/shared-ownership
