Driven by long-term demographic changes and a chance to invest responsibly, billions of pounds from insurers and pension funds are set to pour into the UK’s emerging housing with care sector, according to the Later Living: Housing with Care guide, published by the Urban Land Institute (ULI).
Institutional backing of housing with care could move the sector from being predominantly sales-led to an operational long-term income model, with a focus on the quality of management and provision of services and amenities, according to the guide.
The UK’s rapidly ageing population, with one in four Britons predicted to be 65 or over by 2037, is creating a clear need for more significant provision of housing with care for older generations, which could alleviate pressure on public services like the NHS.
Research shows those living in properties with provided care run by the ExtraCare Charitable Trust, saves the NHS £1,994 per person on average over five years, reducing NHS spending for residents by nearly two fifths.
Given that these developments will be housing the elderly, providing quality care facilities alongside other amenities will be crucial. Professional operations and management will be essential, such as the provision of staff and 24-hour care, allowing residents to maintain their independence for longer.