The Government has estimated that more than five million new homes will need to be built in England in the next 25 years to cope with the growing demand for suitable retirement property. Other factors include increases in immigration and the growth in the singleton lifestyle.
These projections, produced by the Department of Communities and Local Government (DCLG), estimate that, if current rates continue, the number of households in England will have grown by an average of 210,000 per year over the period from 2014 to 2039.
One of the key reasons for the increase in demand is because Britons are living longer, more active lives. The number of households headed by someone over 65 is expected to rise by 155,000 per year until 2039 – almost three quarters of the projected average rise.
The UK is already desperately short of suitable retirement housing and unless there is a substantial increase in purpose-built homes for seniors then the gap between supply and demand will only increase further. It is estimated that half-a-million over-55s currently struggle to move as they’re unable to find homes with the space, parking, garden and running costs suited to older living.
One in five aged over 55 have considered moving since 2014 but haven’t. Almost a quarter said a lack of suitable housing was the main reason.