£255bn equity in houses owned by over 65s is a huge opportunity – developer

The £255bn of equity tied up in houses owned by over 65s in the Midlands is a huge opportunity for the region’s later living sector, says a leading developer.Speaking at Insider’s The New Age of Urban Living online forum, Anthony McCourt, founder of Birmingham-based apartments builder Court Collaborations, said he was excited by the potential of the ‘downsizer’ market.But McCourt said he had no plans to create a specialist later living division, saying the group could build schemes which appealed to both young and middle-aged professionals, as well as older people.Developers need to look to Australia, New Zealand and the US, where up to 20 times the proportion of over-65s live in specialist, purpose-built schemes compared to the UK, said Eugene Marchese, director of innovation and design at specialist later living developer Guild Living, who co-founded the business in 2018 with investment giant Legal & General.While the number of new later living homes in the Midlands has increased by almost 50 per cent in the past decade, there needs to be much bigger growth to keep up with demand, said Lawrence Bowles, director of residential research at property consultancy Savills, who also revealed the £255bn housing equity figure to the forum.Silvia Gullino, associate professor in city making at Birmingham City University, said having more age diversity in urban areas was great for placemaking because it meant living and communal spaces were more accessible and sustainable.