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WHY A SOLID RESIDENTIAL PLAN IS IMPORTANT FOR THE UK'S AGEING POPULATION



Fact: In the UK, people are living longer. According to data from the Office of National Statistics (ONS), within the next 50 years over 25% of the population will be classed as senior citizens. What’s more, life expectancy is set to rise too, with men living until they’re almost 87 and women until they’re nearly 89.

Now, with the current care home infrastructure already creaking under the weight of demand, the later-living sector is going to need to be significantly enhanced in order for this demand to be met. This is going to require a solid residential plan to be created, and soon.





PRIORITISING RESIDENT NEEDS



What needs to be put into place are plans for developments that put the needs of the increasing number of seniors front and centre, with every decision being made with this in mind. Rather than being mere homes for them to occupy, operators should respond to the lifestyle requirements of residents, with independence-focused solutions like care villages and retirement living being utilised.

Care in the community is another option, but it’s not suitable for everyone and it doesn’t offer the same social benefits that retirement accommodation does. To achieve this on a wide-scale basis and provide sufficient specialist housing options, a significant investment will be needed, with more added on an annual basis.



LOCAL AUTHORITIES WILL NEED TO BE DECISIVE



The importance of local authority action cannot be underestimated in this effort, as they need to feedback the needs of people in their district. To date, this response has been mixed, which clearly needs to change, but once these requirements have been established, the relevant resources can be allocated through the plan development process.

Land allocation is also a big issue in this regard, with all developers vying for the same spots. This can lead to care development delays and increased costs, so authorities must consult with the care sector to understand what level of provisions need to be made - as not doing so simply isn’t an option. The figure? Well, to keep pace, it’s believed that 30,000 new properties are required annually.

How far away is that? Worryingly, a mere 8,000 were constructed in the UK in 2019 prior to the outbreak of Covid-19 and whilst this might cost a lot to achieve the required numbers, it would result in around £2 billion of extra economic activity occurring in towns across the country - so it’s not without its financial benefits.



A CRUCIAL PERIOD INFLUENCED BY A CLEAR, DIRECT PLAN



The last 18 months or so have been extremely challenging, however, the crisis has been managed effectively through the employment of a mixture of solutions. The situation is one that will need to continue to be managed as effectively, as the problem is only going to get worse over time if insufficient focus is placed upon it.

This ongoing, increasing demand is good news of course, for the care home investment sector, with a dynamic landscape now representing the norm. A well-planned strategy will create many opportunities for the savvy investor, but the ball is currently well and truly in the court of local government and it’s just a matter of seeing how decisive the action is.

Watch this space.



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