Housing Crisis – Britain Reaches Record Number Of 11.4million Over 65′s UK
Following the latest figures released yesterday, Britain now has a record 11.4million over 65′s. Many of those still live in their family homes which further fuels the housing crisis.
Speaking about the housing crisis in the UK, Peter Ford, Chairman of Rangeford Holdings and Developer of the new retirement village in Wiltshire, Wadswick Green says:
“A new generation of empty nesters is approaching later life in a different way and the challenge of today’s developers is to build more homes that the older generations want to downsize to rather than feel they have to. When looking at the problems surrounding the housing crisis, lack of supply is often highlighted as the biggest cause for concern for the housing industry, but under-occupation of private homes equally needs to be addressed.
“We know from Strutt & Parker’s Housing Futures report (Sep 2014), that across the UK, 47% of privately owned households are empty nesters occupying houses that are too large for their needs. Wadswick Green (www.wadswickgreen.co.uk) is very much targeting the discerning baby boomer generation (currently aged between 50 and 68 years old) who are likely to be seeking aspirational homes to ‘right-size’ rather than ‘downsize’ to.
“The ‘baby-boomers’ generation is growing fast, with Euromonitor forecasting their spending power to reach $15 trillion by 2020.
This group is widely associated with privilege and were the wealthiest, most active, and most physically fit generation up to that time. With a liking for increased consumerism, the majority are not willing to compromise and looking to improve their lifestyle to suit their life stage at 60+. We have anticipated this demand by providing modern luxuriously designed homes with elevated services at Wadswick Green for forward-thinking 60-somethings.
“The idea is that retirees swap unused bedrooms and oversized gardens for aspirational lifestyle services and care facilities on-tap and embrace quality hassle-free modern architecture over high-maintenance older homes; thus freeing-up unutilised larger homes for families who have grown-out of their homes and require the living space.”