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Affordability of retirement housing in the UK
- Authors:
- ALDRIGE Hannah, KENWAY Peter, PANNELL Jenny
- Publisher:
- New Policy Institute
- Publication year:
- 2012
- Pagination:
- 46p.
- Place of publication:
- London
This report examines how the affordability of retirement housing affects the housing options available to older people. It considers whether retirement housing is likely only to be viable financially for richer people or for poorer people with access to benefits, and out of the reach of older people on low to moderate incomes. The study looked at the incomes, benefits and retirement housing living costs of people of pension age in the UK. Costs come under 3 categories: housing (rent, mortgage interest, service charges), housing related support (scheme manager, community alarm service) and care services. The findings show that the complexity of different eligibility and entitlement systems for state help with housing, housing-related support or home care make it difficult for those considering retirement housing to know if, and at what stage, they would receive any support. Not all low-income pensioners are fully and equally helped with retirement housing costs, because of tenure variations. Even pensioners with high incomes or savings may find retirement housing unaffordable because of potentially limitless care costs when savings exceed the threshold. It concludes that the uncertainty of managing increasing housing charges and care costs impacts across the income scale, although people renting privately and those with savings are the most vulnerable.