Extra care and assisted living provides residential accommodation catering for people who need low-level assistance with day-to-day activities such as those with mobility issues or impaired cognitive functions like memory loss.
These residential homes are used to free up beds in care homes, where local authorities would be paying significantly more. By offering a less intensive form of care, extra care and assisted living allows individuals, or, couples to maintain their independence by effectively living in a home but with 24-hour support available when needed.
Extra care housing developments are typically unbroken Freehold residential blocks, which are leased back to a Local Authority, or, Housing Association for periods of 10 to 25 years. Extra care generates annual returns between 6% and 7% with regular rental reviews.
With the UK's population rapidly ageing, innovative new solutions have been developed to help suit the varied types of care needed. Like care homes, assisted living is regulated by the Care Quality Commission.
An independent regulator of health and adult social care, the CQC monitors care facilities across England to ensure and encourage the support given by providers is of the highest and safest quality.