Chain Reaction
Published in August 2020, a new report commissioned by Homes for Later Living, which includes McCarthy Stone, explores how building more specialist housing for older people would not only help an ageing population move into the home they desire, it would also help first-time buyers join the housing ladder through the new chains that are created.
The research was undertaken, evaluated and written by a former HM Treasury economist, Chris Walker, and finds:
- c.3m older people in the UK aged 65+ want to downsize.
- If, overtime, all of those aged 65+ who want to move were able to do so, it would free up nearly two million spare bedrooms, predominantly in three bedroom homes with gardens, ideally suited for young families with children.
- The chain impact would be a major boost for first time buyers, with roughly two in every three retirement properties built releasing a home suitable for a first-time buyer in the housing chains created.
- Overall, every Homes for Later Living property sold generates two moves further down the housing chain, and in certain circumstances this may be more. If 30,000 later living properties were built per year (10% of the Government’s overall housing target) this would mean at least 60,000 or more additional house moves are facilitated each year.
