Large scale retirement communities are 20 years away as land costs and funding hold back development, and with the active elderly concerned over costs and restrictions on inheritance, finds two new surveys from the law firm Winckworth Sherwood and published in a report called Holding Back The Years.
Winckworth Sherwood in a survey of 300 housing, health and social care professions conducted jointly with the Housing LIN asked what holds back the retirement living market and why the UK, unlike the US and Australia, has not yet seen the rise of dedicated retirement communities?
Charlotte Cook, a Partner in the Real Estate and Social Housing team at the law firm Winckworth Sherwood said:
“Our survey reports that housing, health and social care professionals believe that government needs to play a greater role in supporting the sector. Over a quarter (27%) say that retirement housing needs a dedicated use class to help local planning authorities. A quarter recognise that fees and charges are complicated and need to be simplified, and just under a quarter (23%) believe their needs to be an increase in grants.
“The design and tenure of homes plays an important role. We have long argued that our last home should be the pinnacle of an individual’s housing journey and not one of compromise. One size does not fit all, and we would expect to see new housing offers with an increasing variety of tenures emerge.”