Senior surveyor at Knight Frank, Jamie Wilson, tells us why this may be so...
With an ageing population and the increasingly busy lives of professionals and families – could multi-generational & assisted living villages be the answer? If retirees, young families, first time buyers and busy professionals could have a range of housing designed specifically for their needs and live alongside each other in a supportive community – is that the utopia?
Much has been written about the rise of the Private Rented Sector (PRS) and Build to Rent (BTR) markets in the UK, particularly in London and the south east, but the existing and planned developments tend to be for one market sector or another. Young to midlife professionals in here. Retirees over there. Families over here. And never the twain shall meet. True multifamily & assisted living has been little discussed. Let alone turned-up, seeking and gaining planning permission. Or securing development partners, operators and discussing financing and working with the local authorities and Clinical Commissioning Groups.
The model
I am talking about generous, high-quality, highlyserviced housing with retired relatives living in serviced bungalows/apartments – each propertytype designed specifically for their stage of life, and lifestyle. With all the generations benefiting from onsite facilities and amenities like healthcare, nurseries, laundries, concierge, coffee shops and on-site events. And, most notably, benefitting from being in close proximity to multi-generations.
Busy professionals and families would have their hectic lives made easier and have the comfort of knowing that their retired parents are nearby, in suitable accommodation, with a range of increasing support on hand as they move through the stages of their golden years.
Likewise, retirees are not boxed-off in over 55’s villages, losing daily contact with younger generations and their families.
Blazing a trail
Knight Frank’s Newcastle team is working closely with a landowner/developer which has conducted extensive research into how this concept is playingout in the USA. The evidence of its success across the pond is so compelling that they are boldly taking this idea forward on potentially 10 sites across the UK. Six of those sites are in the north east of England and it is these sites that will come first and be the testbed for if – and how – these types of property developments will work in the UK.
New approaches to housing for older people
There has been positive interest in the plans from local authorities and private healthcare providers because care for the elderly in the UK is at a crossroads. With social and healthcare budgets stretched, existing facilities closing at a rapid rate due to poor management and an outdated model – coupled with an ageing population – councils need to start thinking outside the box immediately for sustainable solutions to how they will look after the most vulnerable in society.
The current model of care for older people follows the ‘ageing pathway’. Whereby retirees downsize, or claim their entitled housing benefits, and as years progress they become more dependent on social and community care, before finally relying on costly healthcare.
By providing more suitable homes and introducing community care to retirees at an earlier stage and ensuring they mix with and live alongside younger generations, the progression can be slowed and the burden on the health service eased. Finding ways to achieve the correct critical mass is essential. Attracting the broadest range of lifestyle possibilities is crucial to the emerging model.
Suitable housing can help people stay independent for longer, thus reducing and delaying the costs of care. A ‘suitable home’ meets criteria for: personal preference; location; social inclusion; community engagement; affordability; accessibility and independence; and can accommodate care and medical needs.
These plans will not be strictly PRS, there will be options to buy and rent. Flexibility is key to success within the model.
For retirees, there are benefits to renting in later life. You can sell the family home earlier. Therefore, maximising the benefits from any inheritance tax savings from equity release or transfer of the proceeds to the wider family. Any hurdles of purchasing a property in later life are negated through renting, including SDLT costs, selling the vacant family property in probate, maintenance costs and upkeep of the family home.
Housing that takes the pressure off
The everyday needs of all the generations these villages are being designed for, is being considered. And a solution for every single one of their practical problems, is being sought.
Imagine a home that is fine-tuned to make your busy, professional and home life easier? A refrigerated locker for your grocery delivery. A dog walking service. Electric vehicle charging point. A concierge to take your parcel deliveries. A nursery for your kids, just steps away. And your older relatives close-by in serviced apartments, being provided with suitable support to keep them safe and healthy.
These elements are all part of the trail-blazing plans for multi-family assisted living on sites around the north east of England.
Radical
Sound a bit revolutionary? Our client prefers to call it progressive and is very excited to be leading the way on plans to provide housing and life solutions to a range of generations. All in one place.
They believe that the time is now to start designing housing and lifestyle solutions that are fit for the future.
