Unveiling strong growth in sales and profits for the year ending August, it said demand for retirement homes was taking off again with the general recovery in the housing market.

Chief executive officer, Mark Elliott, who joined the firm a year ago, said: “2013 has been an important and successful year for McCarthy & Stone.

“With the help of our new investors, the company has been refinanced and put back on a firm financial basis for the first time since the ‘credit crunch’.

With planned investment of some £1.5bn in over 250 sites over the next four years, I believe the company is well placed for continued growth.”

McCarthy & Stone achieved an 11% uplift in apartment sales to 1,527, delivered a 21% growth in revenue to £311m and a 15% rise in trading profits to a five year high of £46m.

The builder said the improving general housing market conditions was coupled with a significant nation-wide need for more specialist retirement developments.

Research commissioned by the Home Builders Federation reveals 58% of over-60s are interested in moving home but that many are restricted by a lack of suitable alternative housing.

One quarter said they were interested in buying a retirement property – indicating a total development market of demand from 3.5m people, which dwarfs the 100,000 retirement properties currently built.