Rethink and Reset
We hope you find the opportunity to read Jeff Prestridge’s insightful article, “We Can’t Afford to Downsize” and also this recent article ‘It makes moving pointless’: why stamp duty is the biggest downside to downsizing | Stamp duty | The Guardian
It’s a great way to spark a discussion about the urgent need to rethink our housing approach in the UK. This is the very reason why we founded Loopliv Group two years ago. We asked ourselves, “Why should anyone have to compromise their lifestyle out of necessity, instead of preference?” We are convinced that more choices lead to better results. Don’t you think that choice, less obstacles, and less red tape should be the core of how we live?
Our society has changed so much over the past few decades. So, why shouldn’t our living options change too?
Do you remember the 90s? In those days, Purpose Built Student Accommodation (PBSA) was seen as a “niche” housing need. But by 2023, Knight Frank reported that the UK’s PBSA market had soared to a whopping £85.8 billion! This was all thanks to some visionary individuals and investors who imagined a better, safer, and more community-oriented living arrangement for students.
Another example is Build to Rent (BTR), which follows the same principle of providing attractive, safe, community-led housing. It arguably began in 2012 and was famously used as part of the legacy program for that year’s Olympic Games, turning Stratford’s East Village from athlete’s accommodation into private rentals. Even though it was a relatively new market, the UK BTR sector had seen impressive growth in recent years, even in the face of economic uncertainty. Knight Frank said that the UK BTR market’s value had increased by 60% since 2019, from £35bn to £56bn.
And we shouldn’t ignore the emergence of Co-Living. This idea offers young urbanites a more affordable and flexible living option. Savills’ research shows that activity in this sector had almost tripled since 2019, with the number of co-living beds in the UK (either existing or planned) now reaching 25,021.
What a wonderful time to be alive! There are so many possibilities out there, especially for some of us. But it seems like progress is not as fast for our friends aged 50 and over.
And they are not alone. Those who are moving from the Co-Living and BTR lifestyle and now looking for family housing are also facing some difficulties. But don’t fret, we’re here and we’re dedicated to making a positive impact!
Think about Simone and Jim Steele’s story. It’s a story that’s very common, but seldom talked about. As Jeff Prestidge mentioned in his article “We Can’t Afford to Downsize”, is our hesitation to talk about this issue because of a taboo around discussing age? Or is it more of an “out of sight, out of mind” situation because it’s not affecting us directly yet?
We can’t ignore that our population is ageing. But have we ever considered that those who are nearing their middle to later years might also want to live in a more lively, secure, and community-focused way?
When we talk about those in their 50’s and over who are thinking about downsizing or changing their lifestyle, we often make assumptions. We assume that change means a permanent move, one of the main reasons these decisions are often delayed until they become a necessity rather than a lifestyle choice, are due to the very issues raised in Jeff Prestidge’s article. But hey, let’s question these assumptions together and make choice possible.
Actually, there are many factors that can cause this fear of downsizing, and the issue around stamp duty is a big factor. When combined with the estate agency fees and moving costs, this can become a significant extra cost, which in turn makes people feel as though they are not just downsizing but losing value.
This domino effect we’re witnessing has left many people feeling trapped, living in homes that no longer suit their lifestyle. They’re too spacious, difficult to manage, and costly to maintain.
And there’s another big problem. Larger homes are not becoming available as they should, stopping younger families from moving into areas with excellent schools, flourishing communities, and shops that rely on their support. This is hindering the infusion of new vitality and growth these areas need.
We’ve all heard the typical story: sell the family home and begin the journey to downsizing. But what if we told you there’s another option? What if you could keep your family home?
Instead of making choices out of necessity, let’s explore the lifestyle option. Let’s choose. Why spend money on stamp duty or feel forced to make a final decision on where to live? Keep your asset. Who said you couldn’t? It’s just never been brought up before.
Imagine having a reliable company rent out your home and take care of any required repairs. This would enable you to use that income to try a different lifestyle. Maybe you want to experience city living, enjoy coastal life, take rural walks, or stay in the local area you love but with more freedom. And all the time, you can relax knowing your asset is increasing in value. You’re in charge.
Who will rent your home? Well, we’ve already mentioned the lack of suitable larger housing for young families. As more people choose rental options in BTR and Co-Living, and as these sectors grow, there will naturally be a demand for larger homes when these renters start looking for houses.
At Loopliv Group, we’ve gone a step further. We’ve identified various locations across the UK to deliver our unique product, some new builds, others reviving disused buildings. All will be places where those aged 55 and over can experience a new, safe, and vibrant community-focused way of life.
Our developments will offer people the chance to try something new, to choose, and to shed the fear of embarking on new adventures as they grow older. This is meant to be a happy time, a time for adventure and living well.
We’ve talked about the practicalities of providing fundamental choices for those in their middle and later years. But let’s also consider the positive impact this will have on people’s health and wellbeing. This is a group of people who, in some cases, are dealing with mental health issues due to loneliness or stress. As we all know, if left untreated, these issues can lead to physical health problems.
In the wise words of Maya Angelou, “If not now, when?”
Addressing the housing requirements of all age groups in the UK needs to happen, and the great news is, things have started, we have amazing partners and funders who appreciate people are not defined by their age, they don't fit neatly into a pre prescribed box.