Is Housing with Care the answer to our ‘broken housing market’?
The first edition of LaingBuisson’s Housing with Care report has been published.
Authored in partnership with leading healthcare management consultants, Mansfield Advisors, the report looks at the opportunities and challenges facing this vital part of the older care market which serves people who are still able to live independently but want the peace of mind of being able to access care and support as and when required.
The report underlines how housing with care is a vital part of the health and social care solution for an ageing demographic. Research shows that people who have the support offered by housing with care and retain their independence, decline more slowly and suffer less sickness and this creates savings against health and social care expenditure.
It also offers clear opportunities for investors and developers, reflected in an 8% year-on-year growth in the number of housing with care units. In the near to medium term future, the mid-market is especially promising for investment, particularly if offered with guaranteed fee levels. There is also still expansion in the rental part of the market, and this has seen a 6% rise in the past year, even Local Housing Allowance will apply in this sector from 2019.
Report author, Adam Scott, said:
“The growth in the older population means that a solution is needed for unmet care needs, and the solution needs to include co-ordinated support and lifetime security. If we get this right, and following the example of countries such as Australia and New Zealand, housing with care could provide the solution not only to the broken housing market, but also allow people to live longer and better as they benefit from the wellbeing of independent living. This, in turn, will create savings in national health and social care expenditure. Where investors and developers are concerned, this is a predictable market, the demographic change being a clear indicator of the likely demand.”
The top five housing with care providers (ranked by number of units managed) are:
Housing & Care 21 6,098
YourLife (McCarthy & Stone/Somerset Care) 4,066
ExtraCare Charitable Trust 3,954