Retirement Housing UK Market Report 2ed

1.1 Market Definition
1.1.1 Other Terms
1.2 Market Size Volumes
1.2.1 Market Volume Growth
1.3 Market Segmentation
1.3.1 Housing Segments
1.3.2 Segmented by Private vs Social Landlord Tenure
1.3.3 Segmented by Owner
1.3.4 Segmented by Geography
1.3.4.1 Northern Ireland
1.3.4.2 Available Apartments per Capita by Region
1.4 Market Value
1.4.1 Methodology
1.4.2 Market Value Growth
1.4.3 Services
1.5 History
1.5.1 Public
1.5.2 Private
1.5.2.1 Volume Housebuilders Approach
1.5.3 Age-Exclusive Downsizers - ‘Lifestyle Living’ aka ‘Over 55s’
1.6 Design
1.6.1 Communal Facilities
1.6.2 Product Evolution
1.6.2.1 Car Parking
1.6.2.2 Heating
1.6.2.3 Wiring
1.6.2.4 Refuse
1.6.2.5 Storage
1.6.3 Housing our Ageing Population Panel for Innovation (HAPPI)
1.6.3.1 HAPPI 1
1.6.3.2 HAPPI 2
1.6.3.3 HAPPI 3
1.6.3.4 HAPPI 4
1.6.3.5 HAPPI 5
1.6.3.6 HAPPI 6 Housing for People with Dementia - Are We Ready?
1.6.3.7 HAPPI 7
1.6.4 Dementia Design
1.6.5 Mobility Aids
1.7 Care, Support & Services
1.7.1 Management Services/Estate Management
1.7.1.1 Staffing
1.7.1.2 Catering
1.7.2 Technology-Enabled Care Services
1.7.2.1 Resident Involvement
1.7.3 Care
1.7.3.1 Care and Retirement Living/Age-Exclusive Downsizer Schemes
1.7.3.2 Care and Housing with Care Schemes
1.7.3.3 Care Homes/Ageing in Place
1.7.4 Resales
1.8 Demand Drivers
1.8.1 UK Population and Demographic Change
1.8.2 2020 ONS Population Statistics Update
1.8.3 Life Expectancy
1.8.3.1 Minority Communities
1.8.3.2 LGBTQ+
1.8.3.3 BAME
1.8.4 Pensioner Households
1.8.5 Marital Status
1.8.6 Dementia Prevalence
1.8.7 UK Housing Market
1.8.7.1 Housing Stock
1.8.7.2 House Prices
1.8.7.2.1 Wealth - Current Home Equity and Ownership
1.8.7.3 Older Movers
1.8.8 Customer Demand
1.8.9 Reasons for Moving
1.8.9.1 Community
1.8.10 Barriers to Moving
1.8.11 Marketing and Older Demographic
1.8.11.1 Ageism
1.8.12 Rented Housing Stock and Older People
1.8.12.1 Private Retirement Rental
1.8.13 Impact on the NHS and Society
1.8.13.1 Changes in Families’ Willingness to Provide Informal Care
1.9 Operating and Business Models
1.9.1 Business Model
1.10 Supply
1.10.1 Risk Appetite
1.10.2 Availability of Sites
1.10.2.1 Land
1.10.2.2 Site Availability/Sources
1.10.3 Co-Living or Blended Living
1.10.4 Planning
1.10.5 New Entrants/Barriers to Entry
1.11 Staffing
1.11.1 Sleep-ins

2.1 Key Messages
2.2 Political Approach to the Sector
2.2.1 Levelling Up White Paper: Levelling Up the United Kingdom
2.2.2 2019 Election Manifesto
2.2.3 Queen’s Speech December 2021
2.2.4 Labour
2.2.4.1 National Care Service
2.2.5 People at the Heart of Care: Adult Social Care Reform White Paper
2.2.5.1 Investment/Commitments
2.3 White Paper - Planning for the Future
2.3.1 Levelling Up White Paper Reforming the Planning System in England
2.4 Legal
2.4.1 Leasehold
2.4.1.1 The Leasehold Reform (Ground Rent) 2022 Act
2.4.1.2 Service Charges
2.4.2 Freehold
2.4.3 Commonhold
2.4.4 Rental Market: Assured Shorthold Tenancies
2.5 Communal Areas: How to Fund and Legal Impacts
2.5.1 Event Fees and Law Commission Review
2.6 The Planning System
2.6.1 Housing Delivery Test
2.6.2 Housing Older People National Planning Guidance
2.6.3 National Design Guide
2.6.3.1 National Model Design Code Guidance
2.6.4 New Homes Bonus
2.7 Planning Gain/Use Classes
2.7.1 C2
2.7.2 Sui Generis
2.7.3 C3
2.7.4 PegasusLife Sidmouth Appeal
2.7.5 LifeCare Appeal
2.7.6 Rectory Homes Limited v Secretary of State for Housing, Communities and Local Government
2.7.7 2021 Appeals
2.8 Affordable Housing Section 106 Agreements
2.8.1 First Homes
2.8.2 Community Infrastructure Levies
2.9 Biodiversity Net Gain
2.10 Local Authorities
2.10.1 Local Authorities’ Policy to Older People’s Housing
2.11 Building Regulations
2.11.1 National Disability Strategy/Part M
2.11.2 Climate Change
2.11.2.1 Heat and Buildings Strategy
2.11.3 Future Homes and Buildings Standard and Changes to Building Regulations
2.11.4 Fire Safety and Grenfell
2.11.4.1 Building Safety Act 2021
2.11.4.2 Cladding
2.11.4.3 Protecting Leaseholders from Non-cladding Costs
2.11.5 Lifetime Homes Standard
2.12 Care Regulation
2.12.1 Health and Care Bill
2.12.2 The Care Act 2014
2.12.3 CQC Strategy 2021
2.13 Social Housing Regulation
2.13.1 REITs and Social Housing Sector
2.14 Other Regulatory Issues
2.14.1 New Homes Quality Code
2.15 Devolved Governments
2.15.1 Scotland
2.15.1.1 National Strategy for Older People
2.15.1.2 Planning
2.15.1.3 Legal
2.15.1.4 Social Care
2.15.1.5 Care Regulation
2.15.1.6 Retirement Housing
2.15.1.7 Social Housing Regulation
2.15.2 Northern Ireland
2.15.2.1 National Strategy for Older People
2.15.2.2 Planning
2.15.2.3 Legal
2.15.2.4 Social Care
2.15.2.5 Care Regulation
2.15.2.6 Social Housing Regulation
2.15.3 Wales
2.15.3.1 National Strategy for Older People
2.15.3.2 Planning
2.15.3.3 Legal
2.15.3.4 Social Care
2.15.3.5 Care Regulation
2.15.3.6 Social Housing Regulation
2.16 Trade Bodies
2.16.1 Associated Retirement Community Operators (ARCO)
2.16.2 The Association of Retirement Housing Managers (ARHM)
2.16.3 The Association of Residential Managing Agents (ARMA)
2.16.4 The Elderly Accommodation Counsel (EAC)
2.16.5 Homes for Later Living
2.16.6 National Housing Federation
2.16.7 The Retirement Housing Group
2.16.8 Other Relevant Organisations
2.16.8.1 Age UK
2.16.8.2 Better Retirement Housing
2.16.8.3 Centre for Ageing Better
2.16.8.4 Centre for Assistive Technology and Connected Healthcare
2.16.8.5 Centre for Policy on Ageing
2.16.8.6 The Equity Release Council
2.16.8.7 The Essential Role of Sheltered Housing (ERoSH)
2.16.8.8 The First-Tier Tribunal (Property Chamber)
2.16.8.9 The Housing and Dementia Research Consortium (HDRC)
2.16.8.10 Housing LIN
2.16.8.11 Housing Made for Everyone (HoME)
2.16.8.12 The Housing Ombudsman Service
2.16.8.13 The Local Government Ombudsman
2.16.8.14 The National Association of Almshouses/Almshouse Association
2.16.8.15 The National Innovation Centre for Ageing (NICA)
2.16.8.16 The Scottish Federation of Housing Associations
2.16.8.17 Telecare Services Association (TSA)
2.16.8.18 Homecare Association (formerly UKHCA)

3.1 Key Messages
3.2 Payor Overview
3.2.1 Pensions
3.3 UK Government Benefits Commonly Available to Payors
3.3.1 State Pension
3.3.2 Pension Credit
3.3.3 Housing Benefit
3.3.4 Attendance Allowance
3.3.5 Council Tax Reduction
3.3.6 Disability Living Allowance
3.3.7 Universal Credit
3.4 Social Care Funding
3.4.1 Care costs
3.4.2 ExtraCare Charitable Trust
3.4.3 Better Care Fund
3.4.4 Market Position Statement
3.5 Payment Models
3.5.1 Private Purchase Finance Options
3.5.2 Equity Release
3.5.2.1 Is Equity Release Reducing Demand for Downsizing to Release Capital?
3.5.3 Shared Ownership
3.5.4 Social Rent
3.5.5 Private Rental
3.5.6 Deferred Management Fees
3.6 Public Funding of Development
3.6.1 Local Authorities
3.6.2 Homes England
3.6.3 Care and Support Specialised Housing Fund
3.6.4 Step-up/Step-down NHS-Funded Apartments

4.1 Key Messages
4.2 Total Older Peoples Housing
4.3 Active Developers in the Last Five Years
4.4 Housing with Care
4.5 Retirement Living
4.6 Age-Exclusive Downsizer
4.7 Operators
4.8 Care Providers
4.9 Housing Associations

5.1 Key Messages
5.2 Investors Overview
5.3 Investment Models/Funding
5.4 Investor Activity
5.4.1 Insurance/Pension/Fund Managers
5.4.2 Private Equity
5.5 Rental Secondary Market
5.6 Debt Finance
5.6.1 Shared Ownership
5.7 Housing Association Funding
5.8 For Profit Registered Providers/REITs
5.9 Valuation of Deferred Management Fees
5.9.1 Discounted Cashflow (DCF)
5.10 Investors
5.10.1 Legal & General
5.10.2 Lone Star
5.10.3 Goldman Sachs
5.10.4 Octopus Healthcare
5.10.5 Schroder Real Estate Capital Partners
5.10.6 Oaktree
5.10.7 Bridges Fund Management
5.10.8 The Carlyle Group
5.10.9 Heitman
5.10.10 Insurance Groups
5.10.11 Other Investors

6.1 Key Messages
6.2 Covid-19
6.2.1 Impact on Retirement Operators
6.2.2 Care Homes
6.3 Factors influencing the market
6.3.1 Demographics
6.3.2 Economy and Housing Market
6.4 Market Potential
6.4.1 Comparing to High Point of Late 1980s
6.5 Market Penetration
6.5.1 Total Market
6.5.2 Housing with Care
6.5.3 Retirement Living
6.5.4 Age-Exclusive Downsizer
6.5.5 Geographic within the UK
6.6 International Comparisons
6.6.1 New Zealand’s Retirement Villages Act 2003
6.6.2 New Zealand and Australia Market Size and Operators
6.6.3 United States
6.7 Market Forecast
6.7.1 Age-Exclusive Downsizer
6.7.2 Retirement Living
6.7.3 Housing with Care
6.8 Growth Constraints
6.8.1 Structural
6.8.2 Customer Demand
6.8.3 Developer
6.9 Opportunities
6.9.1 Older Person’s Housing Task Force
6.9.2 Integration White Paper
6.10 Conclusion
APPENDIX 1. GLOSSARY
APPENDIX 2. REGULATORS
APPENDIX 3. TRADE BODIES
APPENDIX 4. PROVIDER PROFILES
APPENDIX 5. SELECTED BIBLIOGRAPHY
APPENDIX 6. FINANCIAL APPENDIX