The failure to build enough retirement housing will lead to a surplus of 13m spare bedrooms in the homes of empty-nesters by 2040 while young people remain trapped in overcrowded accommodation, according to an independent report into housing for older people.

The report, commissioned by the retirement community trade body ARCO, said that the lack of available housing tailor made for older people prevented them from downsizing, thereby limiting the availability of family homes for the young.

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