It is well known in this country that we have a strong attachment to home ownership and climbing up the property ladder. As a consequence there has long been a reluctance to move back down; far from being seen as a pragmatic step, down-sizing is viewed negatively and with suspicion. But is all that about to change?
It is well known in this country that we have a strong attachment to home ownership and climbing up the property ladder.
As a consequence there has long been a reluctance to move back down; far from being seen as a pragmatic step, down-sizing is viewed negatively and with suspicion. But is all that about to change?
The problem is retirement living has for too long been associated with stuffy, purpose-built homes that seem stuck in a time warp (even if this is unsubstantiated).
With people living longer and healthier lives, they are looking to fill their retirement with trying new things, rather than simply a time to rest up.
Purpose-built student accommodation and build-to-rent schemes are predominantly in well-connected locations, have on-site facilities and services and independent living with the added benefit of social areas and help on hand if needed. There is so much more to these schemes than the buildings; community is often the driving principle behind them.
The same should apply for retirement living. If we are to encourage retirees to downsize, we need to entice them. Retirement schemes are increasingly looking to do just that, offering a lifestyle choice for downsizers that is not too dissimilar to how they lived before, with options for both urban and country living.
Lucrative investment
The retirement living sector is on the up. Long dominated by two main providers, others are starting to turn their attention to what could be a lucrative investment. Legal & General recently announced their plans to build 3,000 new retirement living homes over the next five years with a new venture. They are not the only ones eyeing a slice of the market.
Competition in the market is an encouraging sign. However, whilst the developers realise the opportunities for the future of retirement living, it is equally as important that the intended beneficiaries get the message too.
Of course there are things the Government could do to make it financially enticing (an issue for another discussion), but more importantly there is work to be done to alter the prevailing mind-set that an ‘Englishman’s home is his castle’.
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