With constant advances in
technology, medicine and lifestyle, people in the Loughborough area are, on
average, living longer than they might have a few decades ago. As Loughborough's
population ages, the problem of how the older generation are accommodated is starting
to emerge. We, as a town, have to consider how we supply decent and appropriate
accommodation for Loughborough’s growing older generation’s accommodation needs
while still offering a lifestyle that is both modern and desirable.
In Loughborough in 1997,
around one in every six people (15%) were aged 65 years and over (and the local
authority area as a whole), increasing to nearly one in every five people (18%)
in 2017. It is projected to reach nearly one in every four people (23%) by
2037 meaning that over the next 19 years, the growth of
the over 65 population in Loughborough will grow by 27.8% - a lot more than the
overall growth population of Loughborough of 16.5% over the same time frame.
In fact, the number of those
over 90 is expected to more than double in our local authority from 1,530 (0.8%)
in 2017 to 3,535 (1.7%) by 2037.
And looking at the proportional percentage changes over
those years:
Age group
percentage of the Charnwood
Borough
Council - 1997 to 2017 and 2017 to 2037
|
||
Percentage Change from 1997 to 2017
|
Percentage Change from 2017 to 2037
|
|
Under 16
|
-15.00%
|
-5.88%
|
16 to 64
|
-1.52%
|
-6.15%
|
65 and Over
|
20.00%
|
27.78%
|
Looking at Loughborough and the local
authority as a whole, there is a distinct under supply of bungalows and retirement
living (i.e. sheltered) accommodation.
The majority of sheltered accommodation fit for retirement is in the ex-local
authority sector whilst the majority of private sector bungalows were built in
the 1960s; 1970s; or 1980s and are beginning to show their age - although that means there is
often an opportunity for Loughborough investors and Loughborough buy to let
landlords to buy a tired bungalow, do it up and flip it/rent it out.
In the medium to longer term, we need to build
more bungalows and sheltered accommodation and, if we do that, that won’t only be
of benefit to the elderly population of Loughborough – it will have a direct
knock-on effect to the younger and middle-aged population by unlocking those
family homes that the older generation homeowners live in.
There have been 17 Housing Ministers since
1997. No one ever seems to stay in the job long enough to create a consensus
and direction in Government Policy on the vital issue of the country’s housing
shortage, yet the sound bites and White Papers seem only to focus exclusively
on first-time buyers when there is an even more severe and disregarded shortage
in suitable housing for the older generation.
This
scantiness affects both mature homeowners trapped in unsuitably big family
properties, unable to find smaller bungalows or suitable retirement apartments,
whilst the waiting list for Council sheltered accommodation is putting a strain
on other aspects of social care. In both circumstances, policy coming (or not
coming) out of Government is repressing the supply and type of accommodation that mature
people desire, need and want; whilst at the same time, increasing the cost (and
taxes) for social and NHS care.
Maybe
we need tax breaks for people to downsize or planning permissions that
stipulate bungalows only. Whichever way you look, there are challenging times
ahead for us all.
If you would like to discuss the Loughborough property market or chat about any potential investment please feel free to call us on 01509 260777 or email me.
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