BOOST IN HOUSING FOR SENIOR CITIZENS REQUIRED

With an increasing aging population and an ever-increasing demand on social care, Later Living specialists are calling on the Government to raise the number of homes built for the elderly from 7,000 per year to 50,000.

According to a report The Mayhew Review: Future Proofing Retirement Living – Easing the Care and Housing Crises published in November the number of over-65s is set to race past 17 million by 2040, meaning that one in four new homes being built should be targeted at the over 65’s.

If this level of growth can be achieved it would help older people stay healthy for longer, reducing the burden on the NHS and care homes.

Industry surveys show that people want to downsize, but that they are put off by the lack of suitable alternatives, especially in the areas where they presently live. They are concerned about the cost and complexity of moving, security of tenure if they rent and maintenance costs if they buy. Also, what happens if they run out of money or need to move into nursing or residential care.

The report highlights 6 recommendations to enable the building of more later living accommodation:

• Encourage the building of more retirement homes
• Build Integrated retirement communities to provide care and communal facilities
• Repurpose declining high streets by repurposing vacant property
• Reform planning rules to make it easier for developers to build these type of facilities
• Tax incentives and grants to encourage downsizing or adapting existing homes
• Financial advice and paying for care

Housing policy needs to focus as much on last-time buyers as on first-time buyers and to dismantle barriers to the strategic shift required. Around 80% of the 65+ population own their homes outright. The potential to redeploy that wealth is a key factor driving investment in the sector, which is supported by pension funds and other investors.

The overall recommendation of the report is that “The Government’s Older People’s Housing Task Force” should be made to implement the recommendations and report on the outcome.

For further information please contact Ed, Kelly & Issy on tel: 01284 365345 or email: ed@granitebw.co.uk / kelly@granitebw.co.uk / issy@granitebw.co.uk