A new report highlights that demand for age-appropriate housing for older people is rising despite a slowdown in the housing market, and that affordability is a key driver, something that My Future Living, the UK’s leading retirement rentals brand says echoes their experience as retirees want to live somewhere that suits their needs in later life.
The ‘UK Real Estate Market Outlook Intelligent Investment 2024’ from CBRE[i] which has a chapter on Senior Living also found that the take up of rentals has grown substantially over the last five years, and that is the increasing number of over 75s is driving the demand for retirement housing.
Dominic Stead, Property Director at My Future Living said: “Where people live when they get older is high on the housing agenda as there isn’t currently enough supply. The report points to the opportunities for developers and investors to tap into this sector as the UK senior living market is still in its infancy and the penetration rate is a fraction of what is seen in other mature markets.
“We are seeing increasing demand for affordable, rental homes within retirement developments throughout the UK as people want to move somewhere that suits their lifestyle and changing needs in retirement. Renting is a good financial option for some as it can enable people to free up capital if they own a home, and to downsize.
“Moving to a one or two-bedroom apartment that is easier to manage and removes the headache of ongoing property maintenance and unexpected bills, frees people up to enjoy their retirement years as part of a sociable community. Developments tend to be close to local amenities and transport links which are important as people age and may not want to drive any longer.
“There are also the safety factors that are important, such as living in a gated community, having a house manager on site and an emergency cord in each apartment, as well as neighbours close by. These elements give extra reassurance that people can get assistance if needed, whilst benefiting from still living independently.
“We hope this report will encourage more developers and investors into the senior living sector as it’s something that is very much needed. Having more affordable, age-appropriate housing for our ageing population could encourage more to downsize, freeing up homes for younger families and giving older people a better retirement experience and lifestyle.”
For more information about My Future Living, please visit www.myfutureliving.co.uk
[i] https://www.cbre.co.uk/insights/books/uk-real-estate-market-outlook-2024/senior-living