Last time buyers get housing boost

RETIREMENT: Over three million looking to ‘rightsize’ in the UK

LEGAL & GENERAL has announced the establishment of a series of retirement villages.

Meeting the UK’s demographic, healthcare and affordable living needs, and consistent with Legal & General’s housing growth strategy, Inspired Villages will accelerate the evolution of the sector.

Creating around 3,000 new, quality homes over the next five years; their aim is to become a leading later-living housing operator.

The UK continues to have a chronic shortfall of over 100,000 homes per year. According to L&G’s Last Time Buyers report, there are 3.3m Last Time Buyers looking to rightsize in the UK. The over 65s age bracket is growing five times faster than the working age population, yet only 7,000 homes were delivered to this sector last year making it the most under-supplied area of the housing market.

Inspired Villages creates an environment and lifestyle choice for people whose existing homes no longer suit their needs.

With Legal & General’s long term financial backing, Inspired Villages will acquire several sites per year. Creating vibrant villages on the edge of and within the UK’s towns and cities, it is looking to build where people want to live. Most retirees move less than five miles from their home when they right-size and want to have access to family, friends and facilities. Each village offers a wide choice of homes that will suite different lifestyles. These single level homes will start from £250,000. The hub of the village is set around the village square with landscaped gardens, restaurants, gym, social activities and access to appropriate care.

Keith Cockell, Chairman of Inspired Villages, says: “There is no household in the UK that isn’t faced with the challenges of an ageing family member. With more of the population celebrating their 70th birthday than at any time in our history, we will deliver new homes and a lifestyle to enable these baby boomers to age with grace. By design we can create great places for people to live. Our master planning will echo the environment found in our very best communities, where everybody is connected by their proximity to one another. The people who live in and visit our villages, will make them great places for everyone.”

Jamie Bunce, CEO of Inspired Villages, comments: “With Legal & General’s investment in Inspired Villages we will create communities across the whole of the UK where people want to live. We will reinforce the family ethos with support and services provided as required. An Inspired Village is more than just bricks and mortar, we are creating positive environments where people can remain socially engaged, comfortable, safe and secure while they enjoy later life.”