Older Persons Shared Ownership (OPSO): A Guide for Over 55s
How shared ownership works for people aged 55 and over
Shared ownership isn’t just for first-time buyers in their twenties and thirties. The Older Persons Shared Ownership (OPSO) scheme is specifically designed for people aged 55 and over who want to find a suitable home for later life. This guide explains how OPSO works, who’s eligible, and how to find properties.
What Is OPSO?
Older Persons Shared Ownership is a variant of the standard shared ownership scheme, tailored for older buyers. The key differences are:
- Maximum share of 75% — you can staircase up to 75% but not to 100%
- No rent on the remaining 25% — once you reach 75%, the housing association does not charge rent on the final 25% share
- Available to over 55s who meet the eligibility criteria
- Often purpose-built — many OPSO properties are in retirement or later-living developments
How Does OPSO Compare to Standard Shared Ownership?
| Feature | Standard Shared Ownership | OPSO |
|---|---|---|
| Age requirement | None (but must be 18+) | 55 or over |
| Maximum share | 100% | 75% |
| Rent at max share | £0 (you own 100%) | £0 (housing association waives rent at 75%) |
| Property types | Flats, houses, new-build, resale | Often bungalows, retirement apartments |
| Income cap | £80,000 (£90,000 London) | £80,000 (£90,000 London) |
| Staircasing | Up to 100% normally | Up to 75% only |
The big advantage of OPSO is that rent-free living at 75% ownership makes it significantly more affordable in the long term than standard shared ownership, where you’d need to buy the full 100% to stop paying rent.
Who Is Eligible for OPSO?
To qualify for OPSO, you typically need to:
- Be aged 55 or over (at least one applicant if buying jointly)
- Have a household income of £80,000 or less (£90,000 in London)
- Be unable to afford to buy a home suitable for your needs on the open market
- Not currently own a home (or be in the process of selling one)
- Have a local connection to the area (in some cases)
OPSO is available to:
- Existing homeowners who are downsizing and can no longer afford a suitable property
- People currently renting who want more security in later life
- People living in unsuitable housing (e.g., a family home that’s now too large)
Costs of OPSO
The costs follow the same structure as standard shared ownership:
| Cost | Details |
|---|---|
| Deposit | 5–10% of your share |
| Mortgage | On the share you’re buying (minus deposit) |
| Rent | 2.75% of housing association’s share per year |
| Service charge | Varies — often higher in retirement developments |
| Ground rent | If applicable |
Cost Example: £250,000 Bungalow, 50% Share
| Item | Monthly Amount |
|---|---|
| Mortgage (£112,500 at 5%, 20 years) | ~£742 |
| Rent (2.75% of £125,000 ÷ 12) | ~£286 |
| Service charge | ~£200 |
| Total monthly | ~£1,228 |
If you staircase to 75%, rent drops to zero:
| Item | Monthly Amount |
|---|---|
| Mortgage (on additional share, varies) | Depends on funding |
| Rent | £0 |
| Service charge | ~£200 |
Staircasing in OPSO
With OPSO, you can buy additional shares just like standard shared ownership — but only up to 75%. The process involves:
- Request a valuation from the housing association
- Get a new valuation of the property (at your cost)
- Fund the purchase — through savings, remortgaging, or a combination
- Complete the legal process with a solicitor
The major benefit: once you reach 75%, you pay no rent on the remaining 25%. The housing association effectively gives you the benefit of the final quarter at no ongoing cost.
For more on how staircasing works, see our staircasing guide.
Finding OPSO Properties
OPSO properties can be found through:
- Housing associations that specialise in later-living developments (e.g., Housing 21, Anchor Hanover, McCarthy Stone)
- Share to Buy (sharetobuy.com) — filter by “Older Persons” or age 55+
- Local councils — some maintain registers of affordable housing for older people
- Housing association websites — search for “OPSO” or “over 55s shared ownership”
Properties are often:
- Bungalows — single-storey living
- Retirement apartments — with communal facilities
- Later-living developments — purpose-built with accessibility features
OPSO vs Other Options for Over 55s
| Option | Key Feature | Suitable For |
|---|---|---|
| OPSO | Buy up to 75%, rent-free at max share | Those wanting to own with lower costs |
| Retirement housing (full purchase) | Buy 100% of retirement property | Those who can afford full ownership |
| Renting | No ownership, monthly rent | Those who prefer flexibility |
| Home for Life / HOLD | Shared ownership for disabled people | Disabled people of any age |
| Downsizing | Sell family home, buy smaller | Those with existing property equity |
Frequently Asked Questions
Can I buy OPSO if I already own a home?
You may be eligible if you’re selling your current home because it’s no longer suitable for your needs (e.g., too large, too many stairs) and you can’t afford a suitable replacement on the open market.
What happens to my OPSO property when I die?
Your share of the property passes to your estate and can be inherited. The beneficiaries will need to decide whether to keep the share (and continue paying any rent if below 75%), staircase, or sell.
Is OPSO available across the UK?
OPSO is primarily available in England. Scotland, Wales, and Northern Ireland have their own later-living housing schemes — check with your local housing authority.
Can I sell my OPSO property?
Yes. The process is similar to selling standard shared ownership — the housing association typically has a nomination period to find a buyer before you can sell on the open market. See our resale guide.
Wondering about the monthly costs? Use our shared ownership calculator to get a personalised estimate for any property.