UK. Urgent need for real estate industry to adapt to ageing population, report shows
The report, which was written by Professor Les Mayhew of the Cass Business School, at City University, examined the impact that increasing life expectancy will have on UK society and found that too many older people are living in unsuitable housing. This perpetuates the housing crisis and stores up problems for the future.
The UK population is expected to increase by 10 million over the next 25 years, with much of that due to people living longer. This has implications for the housing market and those working in the industry are looking for innovative ways to adapt to the new demands.
The report recommends that government policy and industry focus should move away from first-time buyers to look for ways to cater to over-65s. The benefits of finding the right housing for retirees, it concludes, will have benefits for all of society and help to prevent an overall decline in living standards.
Measures could include introducing incentives to downsize and making it easier to release equity, as Mayhew explained: “A better alignment of the housing stock with housing needs, along with improved financial incentives, would significantly alleviate housing pressures to the benefit of all.”
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