The Daily Telegraph has today reproduced a press release about the retirement housing sector, this time from construction analysts Glenigan. In full here
“There is no doubt that potential demand for these types of property is large, and is only set to grow.
“The housing wealth held by older generations is sizeable, and has been boosted by a near trebling in house prices over the last 20 years – downsizing to realise this wealth amid longer retirements is set to gain momentum,” said Glenigan.
This is pretty self-evident, but ignores an issue that is widespread: retirement housing take-up is being hindered by well attested scandals in the sector reported by the OFT over Cirrus / Peverel , in the courts, in Parliament and in the press
This industry lobbying for more retirement housing without addressing the flaws that exist in the leasehold model is unpersuasive – ie the predatory management and the truly appalling record of retirement property values.
Retirement flats seem to be the only residential property asset in the UK that can unfailingly ignore all local market trends and plummet downwards.
The sector is simply in denial about this truth.
Last autumn, the Home Builders’ Federation got the “think tank” to say the same thing as reported in the Telegraph and that launched the disaster of the Campaign for Housing in Later Life.
This example of house builder piffle descended into fiasco as AgeUk would not get involved, Shelter resigned and Peverel was expelled as a pariah for its Cirrus price fiddling scams.