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More than half of UK homeowners (51%) would consider moving into specialist housing in later life – but a shortage of local options is holding back demand, according to new research from ARCO (Associated Retirement Community Operators) and the HomeOwners Alliance.
ARCO’s Blueprint New Zealand: What People Want reveals strong public backing for similar features of New Zealand-style housing-with-care schemes – known in the UK as ‘Integrated Retirement Communities’ – such as fixed monthly fees.
The research shows clear appetite for specialist retirement housing among homeowners:
However, supply is not keeping up with demand:
This gap highlights a significant opportunity to expand provision and better meet the needs of an ageing population.
What homeowners want: certainty, support and simplicity
The research identifies the top three things homeowners say would make later-life housing more attractive:
Interestingly, only 6% say variable service charges would make retirement housing more attractive.
Services: Safety and healthcare are top priorities
When it comes to services, practical support and peace of mind dominate. The top three services homeowners say will make retirement housing more attractive are:
These findings reinforce the importance of housing models that integrate care, community and support, such as Integrated Retirement Communities.
The research findings support proposals to expand UK provision of Integrated Retirement Communities drawing on successful international models such as New Zealand. Around 15% of over-75s in New Zealand already live in this type of housing and two of the three largest housebuilders are retirement village operators.
ARCO has previously published innovative tenure proposals to deliver on its Blueprint New Zealand vision for the Integrated Retirement Community sector. ARCO’s plans for a ‘Retirement Occupancy Lease’ reproduces key features of New Zealand’s contract-based tenure for housing-with-care and could be a stepping-stone toward it.
Commenting on the research findings, Paula Higgins, CEO of HomeOwners Alliance says:
“What stands out is that people want certainty and support: fixed costs, professional management and access to care. If we are serious about helping people live well for longer, we need to see a New Zealand step-change in the supply of high-quality housing-with-care.
The HomeOwners Alliance is very interested in ARCO’s proposals for a Retirement Occupancy Lease. We particularly like the idea of all providers of new housing-with-care having ‘skin in the game’ when it comes to resale prices.”
“Britain urgently needs more high-quality housing-with-care for older people. This research shows homeowners want more choice, more certainty and more support in later life — but provision is still falling far short.
“Expanding Integrated Retirement Communities would not only give older people better options to live independently with care and support close at hand, it would deliver major benefits for the whole country.
Matching New Zealand’s level of provision could help deliver 600,000 new homes, save the NHS £2 billion a year, and reduce social care costs by £1.2 billion annually. One way to do this would be to allow operators in the UK use a bespoke New Zealand-style tenure model, the Retirement Occupancy Lease, which could be a stepping-stone to a full, New Zealand-style contract-based model in future.”
IRCs are modern housing-with-care schemes for older people – modern because they embrace a holistic approach to services, facilities, community and wellbeing. All IRCs include:
The average age people move into an IRC in the UK is around 80 and the average duration of residence is eight years.
In addition to the features above, IRC operators offer deferred management fees (sometimes known as ‘event fees’ or ‘exit fees’) in order to enable lower monthly management fees and take on long-term responsibility for maintenance and investment.
Unlike traditional retirement housing (which typically use variable service charges and a sinking fund), deferred management fees give operators a direct financial incentive in the resale value of a scheme (‘skin in the game’). Independent evidence shows that the use of deferred management fees supports positive resale values.
Building on the lessons of New Zealand’s system of ‘occupational rights agreements’, the Retirement Occupancy Lease would reorient the legal framework for the IRC sector away from static leases toward legal arrangements that can be updated for every new resident.
From a legal perspective, the Retirement Occupancy Lease could be implemented by mandating the use of key clauses via statutory regulation. The ROL would have the following key features:
ARCO has published its proposals in a briefing entitled “The Retirement Occupancy Lease: Applying international best practice to housing-with-care”, which is available to download on the ARCO website.
There are approximately 491 retirement villages across the country, providing over 43,500 units. An estimated 56,000+ New Zealanders live in retirement villages.
The sector is led by six operators who represent over half of the total units in the country: Bupa, Metlifecare, Oceania Healthcare, Arvida, Ryman Healthcare and Summerset Group:
Most New Zealand villages operate on an Occupation Right Agreement (ORA) model:
The Retirement Villages Act 2003 is the main law regulating retirement villages in New Zealand. Its core purpose is to protect residents and prospective residents while creating a clear legal framework for how retirement villages operate. The Act:
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