_The Senior Living Survey 2019: What do the over 65s prioritise when it comes to housing?
The UK later living market is undergoing rapid growth, underpinned by demographic shifts that are increasing demand for a wider array of specialist housing to suit the changing needs of older purchasers.
The number of people aged 65+ living in the UK is forecast to increase by 20% to 12 million by 2027. Advancements in healthcare mean individuals are living longer, and more healthily - in many cases managing health conditions better.
Indeed, the cohort of 90+ year olds in the UK is expected to rise at an even faster rate, by a third, to more than 750,000 people over the next eight years.
Amid all of this change, Knight Frank data indicates there are four people who would consider downsizing for every existing senior living property currently in use. The need to provide suitable housing options for these individuals is more important than ever.
Investors are already responding, and Knight Frank forecasts the total value of the private senior living market will climb to £55.2 billion by 2023, from £39.6 billion in 2019.
"The number of people aged 65+ living in the UK is forecast to increase by 20% to 12 million by 2027."
To ensure success, developers must understand the wants and needs of potential purchasers and tenants across the spectrum of ages that are increasingly interested in living in specialist senior living property.
Knight Frank surveyed almost 2,000 homeowners and renters over the age of 65 as part of a wider tenant survey to better assess their priorities.
Though customers aged 75+ are the target market for senior living developers, in this report we analyse the views of those aged 65+, to incorporate the views of current and future customers.
Tom Scaife, Head of Senior Living at Knight Frank, comments: " The survey confirms affordability, location and connectivity are key in seniors’ decision making.
"Our 2019 Knight Frank senior living forecast predicts the sector will increase by 40% in value over the next 5 years to £55bn – with growth being underpinned by demographic shifts and increased investment from both the UK and overseas".
At a glance
• 56% of those aged 65+ say location is the most important factor when choosing a property
• 75% of respondents stated that distance from a retirement village to a town centre was important to them
• 37% of 65+ respondent find the prospect of living in a senior living community attractive
• 92% of investors plan to manage their projects using as in-house platform
• Total value of the private senior living market will climb to £55.2bn by 2023, from £39.6bn in 2019 – almost 40% growth
To discuss any of the points raised in the report contact Knight Frank's award-winning Senior Living specialists.