McCarthy & Stone to launch first new regional office in 14 years

30 July 2014

McCarthy & Stone, Britain’s leading builder of retirement housing, will launch its first new regional office for 14 years this September.  The new region, which will be based in Colney Heath, will cover North London and the counties of Buckinghamshire, Bedfordshire, Hertfordshire and Essex.  It is another sign of the returning confidence in the housebuilding sector as well as the growing demand for high-quality retirement housing.

The new region is being established with investment capital totalling £300m for land and build over the next four years to deliver approximately 1,800 new homes.  In its first financial year, the new region will seek to buy 15 new sites, with plans to increase site purchases year-on-year.  The investment will be part of the company’s £1.5 billion spend on land and build across 250 sites in the UK to deliver a total of 10,000 new homes over this period. 

Ali Maruf will become the Regional Managing Director for the region when it opens in September.  Ali has been with McCarthy & Stone since 1997 and is currently Land Director for the area.

Clive Fenton, McCarthy & Stone’s Chief Executive, said:

“The demand for high-quality retirement housing in North London and the northern Home Counties is growing substantially and we want to respond better to the needs of the local market.  Opening our first regional office in 14 years in North London is vitally important to us as we look to meet our growth plans and double the size of the business."

McCarthy & Stone sold 1,527 units across the UK in 2013 and is looking to sell more than 3,000 units a year by 2018.  In addition to the new North London region, the company expects to open further regional offices in 2015 and 2016, complementing its existing five regions in the South East, South West, the Midlands, the North and Scotland. 

Ali Maruf added:

“We are experiencing a surging demand for our apartments across North London and the northern Home Counties and we know there are thousands of older people looking to downsize and live in properties more suitable to their changing lifestyles.  To serve this area properly we need a dedicated operation in the region and we look forward to delivering our exciting plans to invest £300m in new developments in the area over the next four years to meet this demand.”

The move underlines the improvements in market conditions and the rising demand for retirement housing across the country.  There is a significant nation-wide need for more specialist retirement developments, with those aged 65 and over in the UK set to rise from 10.4 million in 2011 to 17 million in 2033.  Recent analysis by Demos, the think-tank, commissioned for the Home Builders Federation, found that 58% of over-60s are interested in moving home but that many are restricted by a lack of suitable alternative housing.  One quarter (25%) expressed particular interest in buying a retirement property – a total of 3.5 million people – which dwarfs the 106,000 retirement properties currently built for home ownership to-date. 

McCarthy & Stone is already selling on nine developments in the North London regional area, including at Braintree, Chipping Ongar, Clacton-on-Sea, Potters Bar, Saffron Walden, Royston, Welwyn Garden City, Chelmsford and Watford.    

ENDS

For further information:

Becky Charman, Tala becky.charman@teamtala.com 07957 474568