18 Nov 2014
There has been much press recently covering the housing crisis in the UK, the lack of houses, and the struggle for new home buyers to buy property.
The ‘Help to Buy’ scheme assists buyers who cannot access the more reasonable mortgage rates because of the need for at least a 25% deposit. The Government provides a 5 year interest free equity loan which, when accompanied by 5% from the buyer, means that only a 75% mortgage is required. This certainly helps address the financing block but it does not address the core supply-side issue.
The answer is to build more properties and it would seem sensible to build more retirement properties. The solution may well be to have more retirement villages like Hampshire Lakes and Bishopstoke Park .
For every retirement property purchased at least one family home is often released into the open market, and every time a retirement property is resold, another family property often follows.
It is for this reason that the last few months have seen a series of round-table discussions between many leading retirement property developers/operators to find the best way to make this point to Government.
The answer is probably that the best advocates for what we do are our residents. Anchor wholeheartedly believes that a key element to helping our children afford properties, is to provide more suitable and desirable property for the older generations.
James Cobb is Anchor’s Sales Manager at Hampshire Lakes and Bishopstoke Park retirement villages