Does housing wealth really have untapped potential to fund care and support options for older people? Recently Age UK held a policy seminar on housing inequality among older people to consider this and a number of other related questions, with the help of some leading experts. The conclusions they drew seem to challenge a number of faulty assumptions about housing wealth – assumptions that are shaping the thinking of policy makers. Dr Beverly Searle of St. Andrew’s University offered an alternative and more complex picture of the distribution of housing prosperity in England and the implications for policy.
Dr Searle described dramatic geographical variations in the location of housing wealth – linked to house prices – which determine the equity available to older people and the choices they can make. Dr Searle found that 42% of housing wealth is concentrated in London and the South East, while 20% is located in the North East, Yorkshire and Humberside and the North West combined. Only 3% of housing wealth is found in North East. These inequalities mean that some housing and care options will only be available in affluent places, while choices for older people in poorer areas decline.