With a spa, cinema and wood-panelled hall, Reigate Grange in Surrey, where Ann King was abused, is part of a growing trend for luxury care homes. Fuelled by global investors’ desire to capitalise on older people’s property wealth, luxury care applies a cruise-ship sheen to the grittier reality of dementia and the end of life.
The logic for investors is simple. People aged 65 and over in the UK now control 51% of Britain’s wealth, up from 42% in 2008, the year of the financial crash, according to the Resolution Foundation. A large minority of older people can afford £100,000-a-year care home fees because they have houses worth far more that they no longer need. A person in a £1m home who survives for the typical two years of a care home resident would still leave £800,000 in their will.
