Global real estate consultancy Knight Frank has called for create collective leadership to drive change after the government’s taskforce report has outlined ten recommendations to transform the housing sector for the elderly.
The consultancy firm has suggested that after their findings, building 10 per cent of Labour’s 1.5million target for seniors would save the NHS £366million annually with the private sector poised to invest £76billion ‘with the right conditions’.
The Labour Government has published Older People’s Housing Taskforce report, marking a watershed moment for the UK’s seniors housing sector. The report, which Knight Franks says has ‘broad industry support’, presents ten core recommendations and one overarching proposal to fundamentally transform older people’s housing delivery.
With 18.6 per cent of the UK’s population currently aged 65 or older, and projections showing an additional 8.3 million seniors by 2066 – the report comes at a crucial time for addressing the nation’s housing and healthcare challenges.
Core recommendations include: Incentivise a wide range of Office of Public Health(OPH) or LLH options, ensure more housing is designed for later life, create age-friendly, dementia-inclusive, faith and culture-sensitive communities, expand OPH/LLH at scale and ensure it is affordable to live in and viable to finance, build and operate, strengthen planning policies, establish a national information platform and local hubs, build consumer confidence, enhance innovation, research and professional development, ensure more housing is designed for later life and create collective leadership to drive change.
Tom Scaife, Head of Seniors Housing at Knight Frank welcomed the report but emphasised the need for swift action:
“This represents a critical moment for the UK’s seniors housing sector. While this report marks important progress, timing is now everything. We need a clear timeline for implementing these recommendations, as every day of inaction exacerbates our looming care crisis. To truly transform the sector, government must go further and seize this moment as a tipping point.”
Scaife highlighted the significant private sector interest in the sector, he added:
“Our latest investor survey shows £76bn committed to UK living sectors, with 67% of investors ready to increase their investment in senior living over the next five years. With only 7,000 new units built last year against an annual requirement of 50,000, and 89 per cent of existing stock built before 2012, we’re falling dangerously behind in meeting the needs of our aging population. The private sector stands ready to deliver – we simply need the right conditions to unlock the sector’s full potential.”
Others have called the recommendation a ‘call for change’ and a chance to use the ‘building experience of other countries’/
Michael Voges, CEO of Association of Retirement Community Operators said:
“The recommendations of the Taskforce are a clarion call for change, and show how we need to do things differently building on the experience of other countries. In particular, we wholeheartedly agree with the Taskforce’s emphasis on the crucial role of long-term operations – in short, it’s not just about how we build new homes, it’s about how we make sure the services offered are sustainable and affordable to older customers for generations to come. We are also delighted Ministers recognise the significant national interest in the work of the Taskforce and the importance of growing support and improving options for #olderpeople, such as #integratedretirementcommunities.’
Shane Paull, Chief Operating Officer, McCarthy Stone added:
“We were pleased to see the Government publish the report from the Older People’s Housing Taskforce today. We worked closely with the taskforce’s chair, Julienne Elizabeth Meyer CBE OBE, and its members, and are pleased with its recommendations. We believe that the report could be the blueprint for providing the safe, secure, accessible and affordable housing that our rapidly ageing population needs. Millions of older people are unable to move from their existing homes into something better suited to their needs because there are so few options for them to move to. This blocks the housing ladder, creates issues in the NHS and social care system and stymies economic investment. We would like to thank Julienne for her work in leading the taskforce and in preparing the report. While we welcome the report’s publication, we now need to see urgent action. We look forward to working with Ministers to make this happen.”
The report’s publication comes as new analysis shows that building senior-specific housing could have significant economic and social benefits. Every senior home built saves the NHS £2,441 per annum, while also releasing family homes into the market and increasing independence for older residents.
