A new survey from Knight Frank found that retired people are the UK's fastest growing demographic group.
The report, titled Retirement Housing 2010, calls on developers to grab the opportunity to advance the retirement home sector in the UK.
There are far fewer retirement villages here, because the concept is not as commonplace as it is in other developed markets such as the US and Australia, says the report.
Currently, 88 per cent of people live in their own homes, with the average age for moving to a retirement home being 75.
In addition, homes in this sector are seen as a "necessary evil" of ageing with people only moving out of their bought homes because of personal crises or frailty.
However, Knight Frank believes that several factors such as increased life expectancy, better health and general higher expectations will change the design and development of retirement villages in the future.
Emma Cleugh, head of institutional consultancy at the company, says: "Once 'word is out' and the market is properly informed [of retirement home benefits], they certainly should have a huge receptive potential audience and market given demographic trends based on the strength of demand for existing schemes that exist combined with the vast amount of equity tied up in housing held by the older generation."
Economic benefits for the housing market and regeneration for communities were other key factors highlighted in Knight Frank's study.
See Also: Property News (0)
Date Published: 24 February 2010
Related News
