Much-needed action to tackle the UK’s shortage of appropriate housing for older people has had a huge £500m boost, thanks to a new deal between Legal & General and NatWest Group Pension Fund. The 15-year joint venture (JV) will help our specialist later living operator and developer, Inspired Villages, by accelerating its build programme to deliver around 5,100 homes aimed at the over-65s.
With people living longer, the number of over-65s in the UK is expected to increase by 41% to nearly 18 million by 2040, yet there are currently only 78,000 later living homes and only around 7,000 new ones are delivered each year. Ageing population statistics show that while around 5% to 6% of over-65s in countries like US, New Zealand and Australia live in later-living villages, just 0.6% do so in the UK.
The new JV will support our mission to help the UK build back better after the pandemic. Inspired Villages offers a wide range of housing options, both rentals and for sale – with sale prices starting from £230,000 – and ranging from 1-bedroom apartments to 3-bedroom houses, all set within vibrant communities carefully designed for the needs of older people and focused on promoting holistic wellbeing.