Bromsgrove Council announce plans for Shared Ownership Properties for the Elderly

First time buyers have been given the chance to join the property market, by entering into shared ownership schemes and now ‘older’ people and the elderly have also been given the opportunity.

Bromsgrove County Council are championing the move to provide shared ownership properties in their first extra care housing scheme.

Bromsgrove council have worked with Bromsgrove District Housing Trust to build nine apartments in Gilbert Court, Charford.

Those who are eligible are senior citizens aged 65 and over with some supported needs. They will be able to apply for a share in an apartment, expecting to pay around £52,500 for a 50% stake in a one bedroom apartment with £133.81 a month in rent as part of the shared ownership scheme.

Bromsgrove Council have embraced the shared ownership, part-buy, part-rent scheme and will also allocate a further 18 apartments to local people.

The extra care scheme that the council is planning will include building and providing facilities such as a restaurant, hairdressing salon, therapy and fitness rooms, hobby rooms, internet cafe, large function room, quiet rooms and two guest rooms.

The Bromsgrove District Housing Trust have seen the way the shared ownership scheme has worked for young first time buyers and are eager to see how this can work for older residents who require some extra care. There will also be a home care team on site 24/7, making this one of the most pioneering shared ownership schemes in the country.