Legal & General enters the retirement housing sector.
Legal & General announces its establishment of Inspired Villages Group, which is formed out of English Care Villages, a best in class operator and developer of later living accommodation.
Legal & General announces its establishment of Inspired Villages Group, which is formed out of English Care Villages, a best in class operator and developer of later living accommodation. English Care Villages’ high-quality management team is joining Legal & General, following the acquisition of the assets of two joint ventures between English Care Villages and Places for People for around £40m.
Meeting the UK’s demographic, healthcare and affordable living needs, and consistent with
Legal & General’s housing growth strategy, Inspired Villages will accelerate the evolution of the sector. Creating around 3,000 new, quality homes over the next five years; our aim is to become a leading later living housing operator.
The UK continues to have a chronic shortfall of over 100,000 homes per year. According to L&G’s Last Time Buyers1 report, there are 3.3m Last Time Buyers looking to rightsize in the UK. The over 65s age bracket is growing five times faster than the working age population2, yet only 7,000 homes were delivered to this sector last year making it the most under-supplied area of the housing market.
Inspired Villages creates an environment and lifestyle choice for people whose existing homes no longer suit their needs. Established in 2009 English Care Villages has worked with Anchor Trust in developing Bishopstoke and Yateley in Hampshire, utilising experience from Richmond Villages. Inspired Villages currently has two schemes, in Warwick and Cheshire, comprising over 300 homes and a GDV of around £110m, creating a safe, secure, social and comfortable village environment in which residents can celebrate the freedom of later life.
With Legal & General’s long term financial backing, Inspired Villages will acquire several sites per year. Creating vibrant villages on the edge of and within the UK’s towns and cities, it is looking to build where people want to live. Most retirees move less than five miles from their home when they right-size and want to have access to family, friends and facilities. Each village offers a wide choice of homes that will suite different lifestyles. These single level homes will start from £250,000. The hub of the village is set around the village square with landscaped gardens, restaurants, gym, social activities and access to appropriate care.
1A Last Time Buyer is defined a home owner aged over 55, whose house is under-occupied (has two or more spare bedrooms) and who has expressed a preference to downsize their property at some time in the future
2The UK’s fastest-growing age group (people aged 65 and over) is projected to grow by 20.4% between 2014 and 2024, whereas the working age population are projected to grow by 3.6% over the same period.