Extra Care Homes
Affordable, Sustainable, Care Efficient, Future Proofed
Working with Local Authorities and Homes England to Deliver a New Generation of Affordable Housing
Our Vision
To deliver, own and manage, sustainable, community based, outward facing Homes for Life at affordable rent for qualifying tenants who can live independently and have intermediate care needs.
Registered Provider of Social Housing
Preferred Homes Limited is a registered provider of social housing approved by the Regulator of Social Housing in April 2020 (reg. no. 5093) to develop, own and manage social housing.
Our objective is to deliver, own and manage a portfolio of new sustainable affordable rented Extra Care apartments with available on-site care, assisting Local Authorities under pressure to provide more social housing suitable for older residents, reducing care budgets and a current reliance on more expensive and unsuitable care alternatives.
We are significantly investing in the sector to become a market leader in the provision of Extra Care housing to qualifying tenants in areas of unfulfilled demand across England.
We are developing new supported independent retirement housing into which our partnering Local Authorities provide or procure intermediate care services for our qualifying residents.
We are working with Local Authority partners where we have identified local demand for affordable rented Extra Care.
We work collaboratively with Local Authority Commissioners identifying suitable sites in community settings and develop apartments with shared facilities, gardens and parking. We have carefully researched the Extra Care market in order to understand and challenge existing design trends, adopt assistive technologies and deliver in accordance with HAPPI principles and Housing LIN guidelines.
We are looking to significantly invest in the sector over the next 10 years and become a market leader in the provision of Extra Care housing to qualifying tenants across the whole of England
extra Care Homes
What we do
Create Homes For Life For Older Residents
Putting HAPPI principles and Housing LIN guidance at the heart of our schemes
creating
Our model creates Extra Care retirement housing using private capital, bank debt and Homes England grants
Deploying
Total expenditure to deliver our £500 million programme
Delivering
Delivering homes across England to meet unfulfilled demand
Owning
We own our delivered housing and do not use a leaseback model
Renting
We set our affordable rents and eligible service charge in collaboration with the Housing Benefits team of each Local Authority
Affordable
Our approach to land price, construction costs and Homes England grants mean we deliver local affordable rents
certainty
Rents under our assured shorthold tenancies have contracted annual rental growth of CPI +1% based on current Government policy
Integration
Our developments are fully connected, outward facing into the local community and enhance the neighbourhood enabling both active and passive engagement
Benefits of extra care
Why extra care?
"British Property Federation Housing and Care for Older People - Defining the Sector 2020."
- There are currently around 11 million people aged over 65 in England & Wales. By 2029 there will be over 13 million.
- Extra Care Housing in England, as a proportion of the older population, is at least 5 times smaller than that of other comparable countries.
- Present delivery rates are low with developers completing an average of 7,600 units of housing for older people each year between 2015 – 2019.
- The undersupply of housing for older people is likely to worsen as our population ages.
- A 5 fold increase in Extra Care Housing delivery is needed over the next decade to keep up with the ageing population.
Growing demand & Continued Shortages
Cost Efficiencies of Extra Care
The long term ‘wellbeing’ benefits of Extra Care are well documented however there are also notable benefits to the health and social care systems.
Over recent years, many local authorities and housing associations have sought to evaluate the financial benefits of Extra Care. After assessing and reviewing independent publications, Preferred Homes Limited has adopted an estimate of cost savings per person per annum of:
- Care and housing – £5,000
- NHS – £2,000
- Combined Savings – £7,000
This reflects annual savings at an 80 resident PHL Extra Care development of £560,000 or a total of £14 million over a 25 year nominations term.
designing homes for life
Design Principles
importance of design
We create affordable “homes for life” for older, vulnerable residents who are able to live independently and have intermediate care needs.
Preferred Homes Limited is delighted to be working with our panel of architects, Local Authority partners and Homes England to provide a new generation of well designed, sustainable community based extra care housing which is entirely resident focused.
With reference to the updated HAPPI principles and the latest guidelines of the Housing LIN, from the All-Party Parliamentary Group (APPG) on Housing and Care for Older People, we present our recently published proposals for excellent design and delivery taking into account learning for a post COVID and Grenfell world
Home for Life
We create affordable urban and suburban “homes for life” for elderly residents who are able to live independently and have intermediate care needs
Management team
Meet the team
Our multi-disciplinary executive team has more than 30 years hands-on experience in the sourcing, delivery and management of real estate development and investment, including regeneration and housing. The team brings together proven resource in property development and management, legal and accountancy, banking and finance, risk and governance and Local Authority understanding.
Findlay MacAlpine
Stephen Sorrell
David Newsome
Richard Frank
Alan Ferguson
Non-executive Directors
Jean Bray, Ian Brown and the boards Chairperson, Judith Watson.