The ageing population in the UK is not a new story but growth in this demographic really picks up speed over the next 10 years, with implications for the housing market.
Over the next 10 years, the percentage growth in the UK’s retirement age demographic vastly outweighs that in children or the working age population. It equates to an extra 2.5 million retirees by 2028.
Just 2% of the UK’s current housing stock is designated as retirement housing, and this houses just 1% of Britons over the age of 65. The UK is a long way behind its international counterparts with 17% of Americans and 13% of Australians living in retirement-specific housing.
Building homes exclusively for the retirement community requires a clear understanding of their needs and desires. Today’s retirement generation is more active, technologically savvy, independent and quality orientated than ever before. Creating communities that respond to current and future needs is a complex task. For developments that capture this right mix there is a huge and growing pool of demand.