The consortium consisting of Churchill Retirement Living, McCarthy & Stone and Lifestory Group, have called for the government to set a goal of building 30,000 retirement properties per year.
The report, which features research by former Treasury economist Chris Walker, found that this disinclination is impacting older people’s health and preventing first time buyers and young families from accessing or moving up the property ladder, Homes for Later Living said.
The findings, partly based on polling by Populus of more than 2,000 people in July, indicate that out of the 12.3 million people aged over 65 living in England, around 3.1 million feel they have to “stay put” in their current homes.
Building more specialist retirement housing would help remedy this, according to the report, with suitable accommodation boosting wellbeing and physical health. Homes for Later Living pointed out that during the height of the pandemic, infection rates in “later living” properties were “significantly lower” than in the general over 65s population.
The report urges ministers to build 30,000 retirement homes a year, around 10% of the government’s annual housebuilding target. Its research shows that two in every three retirement homes delivered releases a home suitable for a first time buyer.
The retirement housing leaders are also calling for the recently announced stamp duty holiday to be made permanent for older people moving into specialist retirement housing.
Chris Walker’s research reveals further benefits to delivering more later living properties, with the addition of 30,000 of these homes per year aiding “at least” 60,000 additional house moves per year. And if this number were built – instead of the current 8,000 completions – this would yield up to £2.1 billion a year in savings to the NHS and social care services.
And, according to the research, if all those aged 65-plus who wish to move were able to do so, this would free up almost 2 million spare bedrooms.
John Slaughter, chair of Homes for Later Living, said: “Politicians have, to date, prioritised building more new homes for first-time buyers, which is of course important. But they are paying insufficient attention to the fact that we have an ageing population, many of whom want to move, and helping them do so would in turn bring major benefits for first time buyers, creating a positive ripple effect across the whole housing market.”
