ILC report forecasts retirement housing supply gap of 160,000 by 2030

The International Longevity Centre has this week published a detailed report into the state of the nation’s housing. The report paints a picture of increased under-occupancy and declining average household size, with nearly 9 in 10 of the 65-79 age group living in under-occupied housing – over 50% in homes with two or more excess bedrooms.

The report also finds that there is currently enough specialist retirement housing to accommodate just 5% of the over-65 population. If current trends continue, there could be a retirement housing gap of 160,000 retirement housing by 2030. By 2050, the gap could grow to 376,000.

Commenting on the report, Spencer McCarthy, Chairman & CEO of Churchill Retirement Living, said:

“Churchill welcomes the latest ILC report into the need for more specialist housing for older people, and we fully support its findings. The report confirms what we in the industry know all too well, that retirement housing is a potential solution for millions of older people whose needs are changing, but that we’re not building anywhere near enough of this type of housing.

“As a specialist retirement living developer, Churchill is at the forefront of many issues the report highlights. In particular, Stamp Duty exemption for those over pension age is an initiative we’ve been backing for some time, as well as extending Help to Buy assistance to those buying new property in older age.

“The new retirement communities we create are tailor made for older people looking to enjoy an independent, comfortable and fulfilling lifestyle. Helping more people do this has so many wider benefits, including reducing the burden of NHS and social care costs for the taxpayer, and boosting the property market with the supply of more family homes.

“By encouraging the Government to address the issues the ILC is highlighting, we can achieve real positive change and build more of the right types of home to improve lives across every age group.”

The full ILC report can be viewed here.


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