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Valuing retirement housing: exploring the economic effects of specialist housing for older people
- Author:
- LLOYD James
- Publisher:
- Strategic Society Centre
- Publication year:
- 2016
- Pagination:
- 30
- Place of publication:
- London
Drawing on available data and evidence, this report provides an analysis of the economic effects of developing more specialist and retirement housing for older people. To set the context, the report provides data to describe the numbers of older homeowners across the UK, and their living situation. It then considers the potential of specialist housing to influence the health and care costs of older people. It looks both the prevention of need, for example from a reduction in falls, use of home care or residential care; and a reduction in entitlement to local authority funded services. It argues that the development of new retirement housing would also have an effect on housing supply for the wider population, enabling younger people to purchase property and increasing their ability to fund their housing and care costs during retirement. Drawing on drawing on social survey, administrative and population data, the report suggests that one new retirement housing unit occupied by one person for at least 10 years, could potential result in total savings of around £83,100. This includes £9,700 savings in health and care needs and £18,600 saving in local authority social care entitlement. Using these figures the report develops scenarios to explore savings across regions of England. (Edited publisher abstract)