AN 'IMAGINATIVE' scheme pairing young professionals and older people has been launched to tackle Oxford's affordable housing crisis and growing loneliness problems.

The Homeshare Oxford concept – run in partnership with Age UK Oxfordshire – was put forward last year but has now officially been launched after funding was secured and the first batch of older people signed up.

The project, initially targeted at key workers such as hospital staff in the city, would see younger adults paying a monthly contribution to living costs.

Head of Homeshare, Claire Shuttleworth said: "The scheme has worked well in other countries such as Australia and Spain and we really think it can work here in Oxford.

"With house prices going through the roof we hope it will appeal to young professionals who want to live in Oxford but also save up.

"Young people working here want to be part of the community but it's just not affordable and this could change that."

Eight householders have signed up so far - with hundreds more hoped to follow once the scheme, funded by Lloyds Bank Foundation, takes it first few strides – and the interview process to pair them with suitable younger folk is underway.

The amount young people will pay – of which 25 per cent goes to Homeshare and 75 per cent to the householder – depends on the size of the room.

A single room would cost around £270 a month, a double room £370 and a "huge double room" £480.

Several drop-in events will be scheduled at the city's main hospitals following successful discussions with Oxford University Hospitals NHS Foundation Trust.

Ms Shuttleworth said: "The hospitals are struggling to retain staff and we have been working with them to see how this scheme could benefit its workers.

"It's been very encouraging so far and we hope it will be popular."

Last month the average house price in Oxford smashed the £400,000 barrier for the first time, according to figures from property market analytics firm Hometrack.

The firm also said that the house prices to wages ratio of 16 times was causing problems for young people.

Oxford City Council leader Bob Price welcomed the scheme and said it was a "wonderful opportunity" for the city.

He said: "It's an imaginative contribution to tackling the lack of affordable housing for younger adults as well as overcoming the huge loneliness problem experienced by many older people.

"The scheme brings new bed spaces into the housing market and provides a wonderful opportunity for creating friendships across the generations."

Age UK Oxfordshire chief executive, Paul Cann, said: "The growing numbers of older people in the city, the very large young population, high accommodation costs and the shortage of housing create the perfect opportunity for Homeshare Oxford.

"This is a win for all ages, and a win for the city's communities."

To express an interest in becoming a householder or a house sharer on the scheme email homeshare@ageukoxfordshire.org or call 01865 410670