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HMO, Hostel & Care Home News: Millions selling their property to pay for care

Tue, 08 May 2012 13:58:52 +0100

As people get older the need to move into a private care home of local authority housing care becomes an inevitability of many, but new research shows that people are increasingly having to take money out of the family home to meet costs.

According to the first Partnership Care Index, 41 per cent of people aged between 45 and 85 said that they would be forced to either rent out their property or sell it in order to raise the funds required for their care in old age.

Property financing was the third highest method of payment amongst respondents, behind state funding and income from pensions.

Chris Horlick, managing director of Care for Partnership, said: "The realisation that property is likely to be a key source of funding for any care costs is becoming more widespread.

“Estimates suggest that over 65s have unmortgaged equity of nearly one trillion pounds”.

HMO, Hostel & Care Home News

London Commercial Property News: East London basks in hotel boom

Wed, 26 Oct 2011 12:13:21 +0100

Fuelled largely by next summer's Olympic and Paralympic Games, the hotel market in East London is set for a boom.

With more than 500,000 extra tourists expected in 2012 the outlook for London's tourism industry is looking bright and especially confidence amongst hoteliers in the east of the city is sky rocketing.

PricewaterhouseCoopers (PWC) recently published a report on the hospitality market and highlighted the capital as the best performing city in Europe.

Coupled with the Olympics, the redevelopment of the Royal Albert Dock, the launch of Stratford's Westfield shopping centre and expansions of ExCel exhibition centre and London City Airport have helped further boost the east end's hotel trade.

Ray Withers, director of investment firm Property Frontiers, said: "The hotel market in London this year has been forecasted at near double digit growth while 2012 is expected to be a record breaking year for the hotel market".

A study published by Oxford Economics and the British Hospitality Association (BHA) recently estimated that growth in the hospitality sector will tens of thousands new jobs over the next five years.

Commercial Property News

London Rental Property News: West Hampstead day centre 'saved from cuts'

Fri, 29 Apr 2011 13:00:00 +0100

Those looking for property to rent in West Hampstead, London, might be interested to learn that a campaign to save a care centre in the area has been successful.

The Evening Standard reported that the Netherwood Day Centre in West Hampstead, which looks after patients with Alzheimer's disease, is to still open following a star-studded drive for its reprieve.

Actors Ricky Gervais and Benedict Cumberbatch were among the many people lobbying Camden council not to go ahead with plans to save £250,000 by closing the centre, while a petition garnered 4,000 signatories.

Meanwhile, people looking to move to the area may have heard that a new school is to be built in Swiss Cottage.

Welovewesthampstead.co.uk reported earlier this month that a state-of-the-art school for pupils with special educational needs is set to open in 2012.

Kay Bedford, headteacher of the former Swiss Cottage Specialist SEN School, told the website: "We are very excited about moving into our new building next year."

London Rental Property News

London Property Investment News: Care home investment 'could see good returns'

Thu, 31 Mar 2011 13:32:19 +0100

Those who are looking for commercial property investments in London could consider purchasing a care home.

According to Timothy Lambert of Ducalian, nursing home investment is popular for several reasons.

"Firstly, we have an ageing population, so the market demand is strong for new care homes," he pointed out.

"In addition, new legislation is removing some care homes from operation due to not meeting current standards - some of these were developed as recently as the 1980s, so demand for new compliant care homes is increasing."

Mr Lambert noted that a wise investment in this market will net "very strong returns" and is "arguably the best performing asset class in property" at the moment.

His comments come as the Health Service Journal reported research shows parts of the UK are set to face a significant shortfall in care bed capacity in the next decade, which could encourage more people to invest in building and maintaining care homes.

London Property Investment News