Investment
well for everyone - renters, first-time buyers, home movers, last-time buyers, and those in need of varying degrees of care - should be the aim of everyone in the property industry.
Important hands of support Helpfully, there is a burgeoning groundswell of recognition and support for the retirement generation. Firstly, and crucially, there is governmental might behind the situation. As announced in the levelling-up White Paper earlier this year, the government is launching a new task force on the issue of older people’s housing. It will look at ways to provide better choice, quality, and security of housing for older people. This work will be undertaken in partnership with the Department of Health and Social Care and sector experts and will encompass a range of views from across the industry, from investors to housebuilders to local authorities. The fact that the government has
bumped housing for older people so high up its agenda is encouraging – the last time a specialised housing task force was launched was for Build to Rent, which was highly successful in achieving its aims to develop more private sector rented homes backed by private capital. By combining the expertise of multiple government departments, the hope is that the task force will provide the impetus needed to foster collaboration between all relevant bodies and partners and unite policy on housing and social care. It is clear that the government is
committed to further improving the diversity of housing options available to the retiree demographic, accepting that offering older and more vulnerable people
a better choice of accommodation to suit their changing needs can help them to live independently and feel more connected to other people. The government will be looking at
all ways of making sure that the UK has an appropriate housing stock for older people, ranging from supporting people in their own homes to giving them the opportunity to live in supported villages with on-site care. The Integrated Retirement Community (IRC) model needs to be expanded and to receive additional funding if we are to ensure that older people are given the opportunity to live in appropriate housing that fits their needs.
Private funding is also becoming more
prevalent, offering another fillip of support for retired people in the UK. At Octopus Real Estate, we recently announced the launch of Senior Living Investment Partners, a joint venture with the Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension schemes. Together, we have committed to invest up to £200m in equity to fund the development and operation of around 10 new retirement communities across the country. The joint venture’s primary objective
is the development of a portfolio of new, high-quality, retirement communities nationwide against the backdrop of undersupply and increasing demand, driven by a growing ageing population. It will also deliver additional positive social benefit through local employment creation in both the construction and operation of these communities. PIC’s investment is emblematic of the opportunity for and demand from institutional investors to support the development of retirement communities.
A society in need of help An increase in the supply of retirement communities is not only a clear way to help solve the housing crisis but would also help to mitigate the additional burden the ageing population is placing on an NHS still under strain from the pandemic. There is strong evidence to suggest that residents living in
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www.thecarehomeenvironment.com March 2023
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