×

CAMBRIDGESHIRE PROPERTY NEWS

Thursday January 23 2020

Addresing the Challenges of Senior Housing in the UK




Addresing the Challenges of Senior Housing in the UK

Almost 25% of the UK’s population is over 65 and by 2050, this proportion will have grown to an estimated 37%, according to Property Consultants Bidwells insight. While there are ambitious carbon neutral targets for this date, the planning for the care and housing of over a third of the population remains an area short in policy detail.

 

Bidwells considers whether this is a tenable position for the new government who received votes from an estimated 60% of the UK’s over 65 population.

 

In his first speech as prime minister, Boris Johnson committed to address the UK’s social care crisis, stating that homes would not need to be sold to achieve this. This was restated in the November Manifesto with a pledge for an extra £1bn for 2020 to be extended until 2024/5. With the election won and a parliamentary majority in the bag, now is the opportunity for action. Today’s 12 million over 65s, and those heading into that tick box over the coming decades, will hope so.

 

Over the last six months, Bidwells have been working with Professor Michael Ball to understand the challenge of providing senior housing options. Professor Ball’s first paper, Why are homeowners wary of senior housing? Problems in search of solutions, investigated the factors that are inhibiting the growth of the senior housing sector in the UK, particularly the financial arrangements necessary to support renting as an option.

 

In the UK, nearly 75% of the over 65s are homeowners and with over 100,000 residents living in owner-occupied retirement living, this is type of accommodation is becoming a popular option. Forecasts suggest that demand for such housing could easily rise fivefold over the next 25 years.

 

However, this form of senior housing comes with several financial deterrents from an individual’s perspective. Therefore, any intervention to support the growth of the senior housing sector, and particularly the more flexible and appropriate rental option, needs to address the barriers faced by owner occupiers.

 

Working with Bidwells, Professor Ball has developed recommendations for financial products that seek to address the barriers to senior housing moves for the home owning majority in the UK. In January, Bidwells will be sharing his recommendations in their latest discussion paper on retirement living, Mobilising Housing Equity to Finance Senior Housing for Rent.

 

In 2012, as Mayor of London, Mr Johnson referenced Professor Ball’s research on the economic implications of housing policy for London¹. There is hope he will show the same interest in the Professor’s latest contribution on the senior housing sector. 

 

Professor Ball’s recommendations will be published as practical solutions for the government to take forward if they are genuinely committed to address the mounting senior housing challenge in this country.

 

To find more on Professor Ball’s recommendations on senior housing, you can view the research here.



"Forecasts suggest that demand for such housing could easily rise fivefold over the next 25 years."
Sue Foxley, Research Director at Bidwells








DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.







Entirely East of England Jobs


Legal Administrator

Ipswich


A leading company specialising in financial services, are looking for a Legal Administrator to join their team.




Residential Property Manager

Hemel Hempstead


Residential Property Manager, Salary £24k, Based; Hemel Hempstead A National Property Management Company based in Hemel Hempstead are looking for a Residential Property Manager to be responsible for the day-to-day management of a portfolio of developments based within the UK.




Senior Property Manager

Southend-on-Sea


Pier Management Ltd, a leading agent acting on behalf of one of the largest investors in Freeholds across the UK, has an exciting opportunity for a Senior Property Manager to join the team based in Southend on Sea.




Sales Executive - Property Investment

Billericay


Previous property sales is not essential for this market leading wealth company - we will help you develop your career and encourage you to excel to the top! Working with a growing and dynamic sales team in Billericay, Essex, you will be responsible for developing your portfolio of customers from existing and warm (registered) leads.




Property Auction Consultant

Norwich


Property Auction Consultant Norwich £18,000 Basic Salary - £30,000 on target earnings (Uncapped Commission) - Career Progression Willian H Brown are part of The Connells Group, one of the largest and most successful estate agency and property services providers in the UK.




Assistant Property Administrator

Ipswich


The Role At Curtis Banks, we believe that a business can only be as successful as the people who work for it.




RECOMMENDED FOR YOU ON ENTIRELY PROPERTY














































Discover the latest Industry News & Opinions on Entirely














We transform your bright ideas into brilliant digital products.