The housing crisis is often seen from the perspective of younger homebuyers when the lack of affordable housing is a problem that affects all ages.
It’s why the government-backed Older People’s Shared Ownership Scheme (OPSO), specifically designed to help people aged 55 and over, can be such a lifeline for an age group often overlooked when it comes to housing needs. Yet, is OPSO everything it appears to be?
What is the Older People’s Shared Ownership Scheme?
Part of the government’s Help to Buy initiative, OPSO is a part-rent/part-buy scheme that allows homebuyers to purchase a percentage of a new home instead of paying the full property price. It’s aimed at those unable to buy a home suitable for their needs without having help of some kind.
After the initial percentage of a new home is purchased, between 25 per cent and 75 per cent, the buyer then pays a subsidised rent on the remaining share, which is usually owned by a housing association.
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