Rrtirement home-builder McCarthy & Stone is to step up its investment in land to £2bn over the next four years as it seeks to tap into a growing demand from over 65s needing to downsize.
The company, which has raised its target from £1.5bn last year, is planning to double in size and develop more than 3,000 units a year in order to meet rising demand from Britain’s ageing population.
The number of people aged over 85 is expected to double by 2030, while over-65-year-olds are set to increase in number by 51 per cent.
In its full-year trading update released yesterday, the group said it had seen revenues jump by 25 per cent to £389m compared with £311m the previous year.
The strong performance was fuelled by a 10 per cent rise in completed sales to 1,677 homes and a higher average selling price – up 16 per cent to £214,000.
“McCarthy & Stone continues to trade strongly as reflected in the increase in sales volumes and this has enabled an increased investment in land and build,” the group said.
It has already stepped up its acquisitions after buying 74 sites in the year compared with 48 last time.