March 23, 2017

Telegraph reproduces press release over retirement housing

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TelegraphcuttingThe 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.

Comments

  1. Michael Epstein says:

    Would this be the Glenigan based at 80, Holdenhurst Road, Bournemouth?
    Now can someone remind me? Which retirement development company was also based in Bournemouth?

  2. Well done, Michael. Now who are the directors of this outfit? The so-called Campaign for Housing in Later Life was actually registered in McCarthy and Stone HQ, while commenting impartially on the wider issues of the sector.

  3. The comment regarding that the problems inherent with leasehold being self-evident is correct.

    The fact that it ignores an issue that is widespread: Retirement housing take-up is being hindered by well attested scandals in the sector reported by the OFT in 2013.

    The OFT Report INTO CIRRUS//Peverel PRICE FIXING which cost £500,000 and paid by us pensioners and others, where Cirrus Communication and Peverel Management Services have been found guilty of Price Fixing and Tender Rigging which has been noted in the courts, in Parliament and in the press.

    This industry lobbying for more retirement housing without addressing these flaws that exist in the leasehold model is unpersuasive – i.e. 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. Some local Retirement Flats that were purchased in 2005/06 and built by McCarthy &Stone have been sold for £75,000 but cost £130,000 when new. The sector is simply in denial about this truth.

    New data from the construction analysts, Glenigan, shows that the number of elderly housing units awaiting planning consent is more than double the number currently being built.

    Quote:
    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 Ms Gilmore.

    It seems that the trebling in HOUSE PRICES IS A FACT.

    But the Home builders in this sector, such as McCarthy & Stone, BUILD FLATS, that can loose up to 40% of its value, Ms Gilmore?

  4. Caroline Murphy says:

    With regard to the latest on ELIM COUR, PLYMOUTH and their landlords, the verdict by the Tribunal in LONDON, as quoted by, I believe the playwright George Chapman in the 17th century, “The law is an ass”.

  5. Michael Epstein says:

    A plug for Lex Auto Leasing if i may? A current advert for them states:
    IF IT APPRECIATES, BUY IT.
    IF IT DEPRECIATES, RENT IT.
    How very appropriate for the retirement development sector!