Retirement living bridges the gap
As the demand for new homes continues to increase whilst housing production reaches an 80 year low, we now face an urgent housing challenge across the UK. But do measures to simply increase housing supply go far enough? Steve Wiseman, Regional Managing Director for McCarthy & Stone, the UK’s market leader in retirement living, argues that more focus should be put on creating the right type of housing for our rapidly ageing population.
Steve explains "There is no doubt about it, we are living longer than ever before. Over the last century life expectancy has increased by 30 years and, since 2007, there have been more people over state pension age in Britain than children. In 1900, the average Scottish life expectancy was 40; in 2004, it was just over 74 for males and just over 79 for females. By 2031 the number of people aged 50+ is projected to rise by 28% and the number aged 75+ is projected to increase by 75%.
"We are healthier too, meaning more of us will enjoy an active and independent retirement lasting many years. But how many of us will be able to spend that time living in a property that is right for our needs and in a location we want to be?
"There is a significant shortage of specialised retirement accommodation in the UK. In 2004, we estimated that there would be a shortfall of 62,500 properties by 2020, but with the recent downturn in the housing market and the knock on effect on housing production, the situation is potentially now much worse.
"The fact that we are living longer means that demand for new homes is increasing at an ever faster rate. However, an increase in purpose-built retirement developments would not only better service the needs of the over 60s, but could actually help address the broader issue of housing supply. The provision of retirement apartments increases the availability of ordinary housing stock for families and makes better use of under-occupied family homes that are sold on when their residents downsize. Such properties will often then be refurbished, improving their energy performance.
"Retirement developments are often located in town and city centres which means they make better use of existing urban sites and can help reduce the pressure for sensitive Greenfield land to be released for housing.
"Centrally located retirement developments also encourage older people to engage with the communities in which they live. Residents often shop locally and use public transport, so help benefit the local economy. Research has also shown that the benefits of living in a retirement development can also help promote good personal health and mental well-being, helping to alleviate pressures on local health services.
"Staying in the family home and adapting it to meet changing needs is not always the best option for everybody. Nor is moving into a care home before that level of support is required. Retirement developments can bridge the gap between the two.
"At McCarthy & Stone, we offer two different kinds of development dependent on our customer’s needs. Our Retirement Living schemes offer independence combined with the peace of mind of additional security, low maintenance and companionship. In addition, an increasing number of our developments in the future will be built for Assisted Living, developments that offer an additional range of facilities such as a waitress service restaurant and flexible support services including personal care and domestic assistance. Both offer continued home ownership, something that is very important to many of our customers.
"At McCarthy & Stone we are actively looking to increase the number of our developments by purchasing 60 new sites across mainland UK over the next 12 months. Four of these will be in Scotland, adding to the 12 developments we currently have available, with new sites planned for Firrhill in Edinburgh in January 2010; Pitlochry in Summer 2010 and phase two of Dumfries in Winter 2010."Measures such as ensuring land is released for development, making sure the planning system delivers housing choice for older people and easing the impact of regulation will all help in increasing the availability of specialist retirement accommodation. As will an increased awareness and understanding of the benefits of retirement developments, not just to those who live there, but to the wider community. As the UK market leader in retirement living, McCarthy & Stone will continue to be at the forefront of the drive to provide better homes – and better lives – for the over 60s."
For further information, visit mccarthyandstone.co.uk.
