The twilight years

Explore a wealth of options for retired life, writes Paul Drury

No generation in history has enjoyed the sheer variety on offer when it comes to choosing the place to spend your later years. Meteoric rises in house prices – up 4,300 per cent since 1970 – mean that many people now approaching retirement can bank on a pretty hefty nest egg.

In many cases, there should be enough to cash in the family pile and move to a smaller property, knowing there’s thousands sitting in the bank account.

others might choose one of the communal forms of retirement living – and this is where the huge choice comes in. The fitter and healthier among us may elect to stay in a place with the minimum level of support, while still offering welcome company.

others might prefer occasional care in assisted living homes, while some will require Housing with Care – homes providing personal and domestic support, dining service and staff on site 24 hours a day.

However, it would be wrong to suggest that everything in this particular garden is rosy.

The eldest of the so-called ‘baby boomers’ are now in their 70s, as depicted in the BBC comedy Boomers, starring Alison Steadman and Stephanie Beacham.

But someone as young as 52 today would still qualify for membership of the generation produced by the biggest population explosion of recent times.

As a result, 20 per cent of the British population will be aged over 65 by the year 2025. That’s a total of 14.3million people. What will this do to an area of the housing market that experts believe to be under massive pressure, even today?

The issue will be addressed later this year by Property Week’s first public analysis of the situation – the Retirement Living Conference: Solving the Conundrum.

Advance research by JLL Healthcare suggests there is already a ‘chronic under-supply’ of high quality Housing with Care accommodation in the right locations.

Recent mid to high-end schemes being developed across the country are proving so popular, they are being bought ‘off plan’ before they are even built.

To satisfy expected demand by 2025, JLL believes 725,000 units need to be built in the Housing with Care sector, which equates to Raising a glass: The stars of BBC One’s Boomers. This generation enjoys more choice than any other about retirement living 50 per cent of the total number of homes currently being built in Britain.

Aida Mezit, the conference director, said: ‘one of the main issues facing society is that people are getting older – and there are more of us.

‘The baby boomer generation is much more discerning compared to previous generations.

‘You are looking at aspirational people, who have enjoyed international travel and been exposed to expensive tastes.

‘So there is an imbalance between what is being offered to them and what they want to experience.’

She added: ‘In terms of affordability, there is a wide gap between accommodation supporting people on housing benefit and the thin slice of society who are rich enough to buy whatever they want.

‘In between, you have the large middle-class sector which has benefited from significant equity in their homes.

‘They can afford to move into comfortable accommodation but what they complain about is that it’s either too cheap or too expensive.’

These, and other issues facing the retirement living market, will be discussed at the conference in London on November 9.