Every year, Tom Little, a global client director living in southwest London, has a pleasing choice of where to spend his holidays.
Last Christmas, with his extended family, he spent the week in his Cotswolds property, a four-bedroom house and garden in prime English countryside, while this Easter saw him whizzing down the slopes while staying in his chalet in the French Alps. And those aren’t his only options. There’s also a Tuscan farmhouse and large villas in Mallorca and the south of France.
Yet despite appearances, Tom, 51 does not have limitless spending power.
In fact, as he points out, to access these five properties every year, he has spent substantially less than any one of these homes would cost to buy outright. That’s because he and his wife Victoria are part of a co-ownership scheme, sharing these five homes with 20 other couples and thereby cutting their total investment and on-going maintenance costs.
“I’d been looking to buy a place abroad for a number of years, that dream of having a home in Spain,” he explains. “But when I spoke to people who already owned second homes and understood the time they spent looking after them, the running costs, the security and maintenance worries when the house was empty and the downsides of being tied to one place year after year, I wasn’t so sure. Then I saw an advert for co-ownership with August where I could own a share in multiple properties and was intrigued.”
London-based August is one of a relatively new breed of companies offering fully managed property co-ownership.
Set up in London in 2019, they source and restyle properties and put them into ‘collections’ of four or five similar-sized homes with a hand-selected group of buyers, mixing ages and nationalities. This, says Mélie Dunod, August’s co-founder and CEO, ensures people within each collection have different priorities for the weeks they want.
“Our research shows that the average holiday home sits empty for all but 35 days a year while by contrast, August homes maintain an average occupancy of 75 to 80 per cent,” says Dunod. “Our model ensures these homes are not only well-used and carefully maintained but also integrated into the local community. It’s a more efficient and flexible way to own a holiday home…. while also supporting the local economy.”
August currently has 21 collections, a total of 85 homes, and over 500 owners who each get between eight and 12 weeks in their homes every year. Collections start from €405,000 (£352,000) and range from pied-à-terre, smaller city homes in London, Paris, Rome, Cannes and Barcelona up to luxurious, super-sized villas and chalets in prime European locations.
“After meeting some existing owners with August and hearing their experience, we took the plunge in early 2024. For the amount I spent I could perhaps have bought a small apartment in Southern Spain outright,” says Tom. “Instead, I have access to five large four-bedroom houses where I can invite family and friends to stay in comfort and not have to cram them in on airbeds. That was key. Also, the fact we could enjoy our holiday from day one because all the maintenance, cleaning and gardening is handled before we arrive.”
The family invested in the Signature collection, August’s most popular category, and have now stayed in all five homes.
“Each one is designed to suit its location, whether that’s the Alps or the South of France, and designed thoughtfully in a unique and timeless style,” says Tom. “In Chamonix the house is in the centre of the resort, putting us in the heart of the action for skiing and apres-ski, while for peace and rural charm, the Tuscan villa is the place to go. The Cotswolds house is so easy to reach from our home in south-west London that if we can see online that it’s free, we often make a last-minute booking and go and work from there for a few days.”
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For those considering co-ownership, common concerns include how to guarantee you can book the property you want at the time you choose.
Tom says that has not been an issue for him, despite his children’s age confining the family to school holidays but does admit to being “on it” with forward planning. August run a “structured points-based booking process designed for fairness”. The annual maintenance charge, ranging from €12,500 (£10,400) to €43,000 (£37,400) depending on the collection, seems hefty but Little says it is entirely “palatable”, a fraction of what he would pay for full ownership and worth it for the quality of the properties.
“Our children, now aged 13 and 18, had out-grown hotels’ Kids Clubs and our best holidays were where they were free to play with their family and long-standing friends,” says Tom. “Additionally, much of my family live in Manchester where I’m originally from, and having these homes is a great way for us all to get together. Everyone who has come with us has been blown away by the homes and their design.”
In each location, Dunod and her team collaborate with local artisans, sourcing antiques and partnering with renowned artists to create highly individual interiors. “Our homes offer a five-star hospitality experience with interiors thoughtfully designed to reflect the local character and bring a unique cultural dimension,” she says.
Co-ownership companies
August: Prices from €405,000 for eight to 12 weeks every year in a collection of four or five homes. Annual charges from €12,500. Visit https://www.augustcollections.com/
The Hideaways Club: Operating since 2007 and offering two to 12 weeks in 45 homes worldwide with a further 17,000 villas available through reciprocal partners. Investment prices range from £105,000 to £210,000 with a one-off “Placement Fee” from £15,000 and annual costs from £13,700. The City Collection offers 12 to 24 nights priced from £35,000 to £70,000 with annual costs from £6,500. Visit https://www.thehideawaysclub.com
21-5 was founded in Denmark in 2008 and is Europe’s largest co-ownership company, with over 1,500 owners. Five European properties are shared by 21 owners, each receiving around 12 weeks of annual usage. Prices from €300,000 with annual maintenance and operating charges of €12,000 - €15,000. Visit https://www.21-5.com/
MyHomes was founded in Denmark 10 years ago and now has close to 600 owners with over 80 properties. Prices start from €250,000 with 29 owners having an average stay of 9 weeks a year in five shared European homes. Annual maintenance charges average €6,000. Visit https://myhomesliving.com/
Lazazu offer owners one eighth to half of one “unique, character home” valued at a minimum of €1.3 million in France and Spain. Each eighth share gives 45 days of use or partial renting out per year. Prices from €200,000 with maintenance and full management costs from €375 a month. Visit https://www.lazazu.com
MYNE: Prices start from £195,000 for an eighth share of one property for 6.5 weeks annually. Annual charges average £4,000. Visit https://www.myne-homes.com
