Recent figures from Knight Frank show that there will nearly be 12 million people aged 65 and over living in England by 2026. This has primarily been enabled by pioneering advancements in medical technology, allowing individuals to better manage their health and, consequently, live longer.
With the elderly primed to live longer, many will carefully contemplate their medium to long-term living situation. A primary option would be to stay put in the property they have called ‘home’ for decades. However, this may not always prove to be a sensible idea, as an old age related mental and/or physical problem/illness could limit them from effectively managing various aspects of their property. Subsequently, a more suitable avenue to explore could be a specialist retirement unit.
A specialist retirement unit ranging from a self-contained flat, bungalow or house – each purpose built with older people in mind. With numerous retirement units even providing assisted care on site, if needed.
Interested in retirement living, commercial property company SavoyStewart.co.uk, analysed findings from Knight Frank, to discover the total number of new private retirement living units which are due to be completed by 2020.
Savoy Stewart found that by 2020, the South East will benefit from the highest number of new private retirement living units at 2,733. Thereafter, the South West is set to gain the next most new private retirement units at 2,060.
At the other end of the scale, the North East will see the lowest amount of new private retirement living units, with only 79 expected to be completed by 2020. Wales will have the second least number of new private retirement units, with just 125 set to be finished within the next two years.
Overall, from the eleven UK regions, a grand total of 9,540 new private retirement living units are projected to be fully complete by 2020.
Moreover, Savoy Stewart also sought to find out the features and facilities the older generations would be most willing to pay a premium for when considering a retirement property.
Savoy Stewart interestingly discovered that a ‘dedicated secure parking space’ is the feature/facility singles (25%) and couples aged 50-64 (31%) as well as those 65 and over (24%) would be most willing to pay a premium for when seeking a retirement living property. Though it should be noted, couples aged 50-64 (31%) would equally opt for a ‘en-suite bathroom in each bedroom’ when deciding upon a retirement living property.
Contrastingly, ‘walk-in wardrobes’ is the feature/facility singles (13%) and couples (12%) aged 50-64 as well as those 65 and over (12%) would be least prepared to pay a premium for. Those 65 and over (12%) are likewise not too eager to splash out an additional sum on air conditioning and similarly, it failed to garner much interest from singles (15%) and couples (13%) aged 50-64.
Darren Best, Managing Director of SavoyStewart.co.uk commented:
“The demand for specialist retirement properties is only set to increase in the future as the general population lives longer. As private landlords and developers cater to this demand, by designing and constructing new retirement living units, they should wisely deliberate over the various wants and needs of the elderly. This research certainly shows that there are features and facilities that elderly Brits desire and would be more than happy to pay a premium for. Whilst some features and facilities are prioritised over others, they all provide a fantastic blueprint for private landlords and developers as to what the older generations are ideally expecting when they envision a good retirement property”.