UPDATE June 8: McCarthy and Stone has no ongoing relationships with Lloyds Bank
It is a fantasy figure which Housing Minister Mark Prisk has already consigned to the bin: 10 Manchester sized cities over the next 20 years is required to house the ageing population.
This nonsense comes from McCarthy and Stone, which is in hock to Lloyds Bank – that’s us taxpayers – following its lunatic £1.1 billion takeover deal in 2006. (This is one feckless deal among many that earned HBOS executive Peter Cummings a lifetime ban as a banker.) More here
A city for 500,000 needs to be built every two years, says McCarthy and Stone, to release up to 3.75 million [perfectly good, freehold] existing family-sized homes and meet shortfalls.
Even at the height of the property boom the construction industry only managed to built 230,000 new homes. Meanwhile, back on Planet Earth, McCarthy and Stone admits that only 1,600 specialist retirement dwellings were built for ownership last year.
There has to be a question mark over whether McCarthy and Stone will be around to build them. The Co-Op Bank and Japanese banks were dumping McCarthy and Stone loans at 78 – 83 per cent of values. More here Retirement housing is desperately required, but not sneaky retirement leasehold with all the hidden revenue streams that we are now so over-familiar with. The full McCarthy and Stone report can be read here