Shared ownership homes in Medway specifically for the over 65s

Shared ownership homes are commonly thought of as being perfect for young people, desperately trying to get a foot on the property ladder.

But we’re pledging to also help the over 65s to buy a shared ownership home, by replacing 22 sheltered homes in Rochester with 55 new apartments, some of which will be available to buy through shared ownership.

The existing homes at Yeoman House in Princes Street, no longer meet the aspirations of our growing older population. So, we’re replacing them with 55 one and two bedroom flats, providing an extra 120 bed spaces for older people in Rochester specifically designed for residents over 65.

The homes will be a mix of affordable rent and shared ownership.

Plans to demolish Yeoman House in Princes Street, Rochester were approved by Medway Council at the end of August.

It comes just after one leading retirement house builder revealed more stock and "good demand" for homes specifically built to suit older generations.

John Paterson Director at ARK Consultancy writing for 24 Housing states: “One staggering demographic fact should be concentrating the minds of everyone involved in UK housing. It’s the unstoppable reality that while right now there are about 15,000 people in Britain aged over 100, by 2060 there will be a million (possibly including you and me…)”.

Mr Paterson goes on to demonstrate how there is a growing and changing pattern of demand for retirement housing.

“The incoming cohort will be very different to those for whom traditional sheltered housing was designed, and the older residents we house now. They’ll work to a more advanced age, be older for longer and will experience completely different types of health, family and social influences”, he added.

These new shared ownership homes will be the first of their kind in Medway (not in an extra care facility), offering older residents the opportunity to downsize and stay within their own community.     

The homes will also be fully accessible with communal lounge and garden areas.

Stephanie Goad, Operations Director at mhs homes said: “Some sheltered housing schemes built decades ago can be hard to let due to their size and lack of facilities for disabled people. The combination of these factors means they’re unsustainable.

"We’re pleased to be building good, quality homes in Kent that people will want to live in and helping to address the need for affordable housing for all age groups. Offering shared ownership options for the over 65s is an exciting development”, she added.

Following extensive review and consultation with the current residents, we’re now working with them to help them find alternative homes.

The building work will start in spring 2018 with a completion date of December 2019.

You can find out more about our sheltered schemes here.