Knight Frank Retirement Housing Report
These Knight Frank reports, including subsequent updates (October 2016, April 2018, August 2021 and July 2022), examine the demand and supply for purpose-built housing for older people across the UK. It includes an analysis of the equity release potential of downsizing, as well as highlighting the planning landscape for the retirement housing sector.
Key facts:
- By 2039, one in 12 people will be aged 80 or over
- Just 3% of new-build units in the pipeline or currently under construction are designated 'elderly' or 'sheltered' housing
- Downsizing to a home with one less bedroom will release around £52,000 in equity on average across England and Wales, with large regional variations
- Supply of retirement housing needs to increase five-fold
- Increase in investment into seniors housing delivery set to increase by 30% year-on-year to £1.75 billion.
- While delivery volumes are set to increase by nearly 10% over the next 5 years, this still only equates to less than 3% of total UK housing stock.
- The number of seniors housing units in the UK anticipated to grow by 9% by 2025 to almost 820,000 units.
- Delivery of age-appropriate housing for seniors continues to lag potential need, while rising institutional investment is key to driving delivery in urban settlements. Some 30% of seniors housing IRC schemes built in the last two years have been delivered in the most urban settlements, up from 9% for schemes built before 1980s.
Jeremy Porteus is quoted saying:
"The policy debate should not just be about starter homes. We need think smarter and raise our ambitions about how we co-design attractive and affordable housing that older people want. It's time to escalate more age-friendly solutions for our homes and in our communities."