McCarthy & Stone urges the Government to do more to encourage retirement housebuilding in the UK

19 February 2016

McCarthy & Stone – statement regarding House of Lords Select Committee’s report

McCarthy & Stone, the UK’s leading retirement housebuilder with a 70% market share, has issued the following statement regarding today’s publication of a report by The House of Lords Select Committee on National Policy for the Built Environment. The report, to which McCarthy & Stone contributed, has said the Government’s housing policy is “unlikely to meet demand for either the quantity or quality of houses needed in the UK.”

Clive Fenton, Chief Executive of McCarthy & Stone, commented:

“We note the findings of the House of Lords Select Committee’s report and support the Committee’s call for the Government to examine ways in which the provision of retirement housing can be incentivised and increased.

“With a rapidly ageing population that will see the over-65 age group increase by over 50% in the next 20 years, the UK suffers from an acute undersupply of suitable retirement properties with only a small fraction of demand currently being met.

“Despite this, the overriding focus of national policy aimed at stimulating the housing market has been on the first time buyer.  While being commendable, this has ignored the urgent need to build accommodation that suits the needs of a maturing Britain and the critical role that retirement housing plays in addressing the UK’s housing shortage. Without the release of properties at the top of the housing chain, those looking for family homes will continue to suffer from a lack of supply, which in turn acts as a barrier to the rest of the market.

“To unlock the supply of such housing and encourage further downsizing, we welcome the proposals by the Select Committee, such as the exemption of Section 106 and Community Infrastructure Levy payments. We additionally urge the Government to consider the important role that retirement housing plays as part of a holistic national strategy and planning framework. Inaction is simply not an option.”

The full report can be viewed here: http://www.parliament.uk/business/committees/committees-a-z/lords-select/built-environment/news-parliament-2015/built-environment-report-published/

The report is also covered in today’s Daily Telegraph: http://www.telegraph.co.uk/news/earth/greenpolitics/planning/12163901/Reward-developers-which-build-more-homes-for-the-elderly-peers-tell-Government.html