Adult Care and Housing Specialist Housing Addendum to the Market Position Statement June 2024

There is currently no 2021 census data available regarding the tenure distribution of households led by people aged 65 and over. It has therefore been necessary to use 2011 census data, which is shown in figure 4a below.

In this case, the proportion of owner occupiers in older person led households is well below average, with a corresponding high proportion of older social tenants. Figure 4a shows how the distribution of tenures in later life shifts away from ownership and into renting. This can arise due to changes in both the priorities and the health and financial circumstances of older people.

Note that, despite its low incidence in the current tenure distribution shown in figure 4a, private rent is considered to be an increasingly attractive and suitable tenure for older people who either wish to release their housing equity when they move into specialist housing or who have insufficient equity to purchase a unit outright.

Including private rent in the tenure offer of new housing for older people would widen the appeal of developments and maximise the take up rate within their catchment areas, particularly if this tenure could be offered to existing owner occupiers as a 'tenure switch' alternative to conventional equity release financial products.