Private senior living market forecast to grow by almost 40% by 2023 – Franki Watson @knightfrank
It’s no secret that the UK population is ageing. Currently there are 11.8 million people in the UK over the age of 65, which is forecast to rise by 20% over the next decade. In addition, the number of people aged 90 or over is set to almost double in the next 10 years. This means that the time spent in ‘retirement’ will also lengthen, underpinning the crucial need for age-appropriate homes.
The gap between the potential pool of demand and current supply is stark. Present stock (from age-restricted over-55s housing to housing with care) comprises 725,000 homes, which equates to just c.2.6% of the total housing stock in the UK.
According to Knight Frank’s recent forecasts, the total value of the private senior living market will climb 40% to £55.2bn by 2023, from £39.6bn in 2019 – with growth being underpinned by these demographic shifts and increased investment from both the UK and overseas.
This month we also published our rst Senior Living Survey, whichasked 2000 over-65s about their priorities when it comes to property.The ndings reveal that location is by far the most important factor for over 65s when choosing a property, with 56% of respondents highlighting this as a priority. This is followed by affordability and size of the property. Respondents also indicated a clear inclination towards town centre living, with 75% stating the distance from a senior living village to a town centre was important to them.
These ndings highlight clear opportunities for senior living developersto design schemes that appeal to this growing sector. In fact, 37% of respondents to the survey said they found the prospect of living in a senior living scheme attractive, representing huge potential for market growth.
For those looking to downsize, Knight Frank are currently marketing the luxurious Rivage apartments which offer large, two, three and four bedroom apartments with fabulous views over the Hoe. Prices from £495,000. For something more suited for the countryside living, we have Hareston Farm Barns, in Yealmpton which are stunning one, two and three bedroom barn conversions with prices from £399,000.
For further information about local schemes available to move into, please contact Knight Frank 0117 317 1999.