The pattern of property ownership in the South West appears to be undergoing a major new shift as older buyers are increasingly choosing Shared Ownership as a viable and affordable path to homeownership. This trend was evident at the recent Southern Affordable Homes Show in Southampton, where Sovereign Network Group (SNG), alongside various property suppliers, observed a notable change in the demographic of attendees.
Traditionally seen as an option for first-time buyers, Shared Ownership is now attracting a more mature audience. Downsizers, retirees, divorcees, and widowers are finding Shared Ownership to be an intelligent option that allows them to maintain their desired lifestyle without the financial strain of full property ownership. The event saw an abundance of older clients, a stark contrast to the younger buyers who dominated last year’s show.
Claire Blenkin, Head of Sales (South) at SNG, commented: “We have been tracking a major uplift in demand for our Shared Ownership product among the over 50’s for some time, and the Southern Affordable Homes Show was a clear indicator that the typical buyer in this corner of the market has evolved. This demographic shift highlights that Shared Ownership is no longer the preserve for those starting on the property ladder; it’s a practical solution for those looking to downsize or re-establish their independence after a significant life change, which can be more common in later life.”
At the show, 312 attendees were recorded, many of whom were seeking flexible and affordable homeownership options. The older generation, often cautious about new financial products, appear to now be embracing Shared Ownership as it has become increasingly familiar and well established as a viable home-buying alternative. Unlike younger buyers who might rely on online research, older buyers prefer to attend events like the Southern Affordable Homes Show to explore their options in person, ensuring they make well-informed decisions.
A recent example of this trend is a retired couple, in their seventies, who bought a two bedroom apartment at Knights Quarter in Winchester. Their experience underscores the appeal of Shared Ownership to those seeking stability and affordability in later life with less of the financial responsibility.
They comment: “We used Shared Ownership as an easy way to downsize. We previously owned our own home overseas, but when we moved back to the UK to be nearer our family in Winchester, we liked the idea of having a new build property that is part of a mixed, managed development. Shared Ownership suited us; it meant we still had a degree of investment in a property but with less of the responsibility of full ownership, something that was important to us being in our seventies. The process was really straightforward, the sales team were extremely accommodating and we had a smooth move. We love the community at Knights Quarter too. We didn’t want to move to a retirement complex, so this was the best move for us. There are a mix of ages that live here which helps to keep us young! I’d recommend the Shared Ownership scheme to anyone of our age keen on downsizing.”
Louis Powell, Business Development Manager at Mortgage Decisions, comments: “With more information now available on Shared Ownership than ever before, the demographic of buyers choosing to use the scheme is significantly changing. It is still a scheme that is a very attractive option for first time movers and those looking to upsize but where we predominantly have seen growth is arranging mortgages for the number of mature buyers, including older cash buyers – but moreover, divorcees and families coming together following separations and this is their only option to get a house large enough to accommodate.”
SNG is in a particularly strong position to assist home-movers within this demographic thanks to every home being built to its highly regarded Homes and Place Standard. This comprehensive framework ensures all SNG developments meet high standards of quality, sustainability, and community integration, which are all key considerations for older buyers. There are several examples of SNG developments across the South that are attracting this new wave of home-movers, including Knights Quarter in Winchester, Indigo Park in Chichester, and Scotland Place in Haslemere.
As the property market continues to evolve, SNG remains committed to providing accessible and sustainable housing options for all. The increase in interest from older buyers demonstrates that SNG’s Shared Ownership offering is a flexible and appealing choice for a wide range of people. It also goes to show that it’s never too late to invest in a new home.