Retirement properties are in high demand in the UK. Fuelled by equity-rich seniors with a high disposable income and greater life expectancy, retirement developers are now having to up-spec their properties to capture this growing market.
What retirees really want in their new home has been made more clearer by commercial property company Savoy Stewart who has analysed previous research data from Knight Frank. The result is a list of must-have features and facilities that the older generation would be most willing to pay a premium for when considering a retirement home.
The group discovered that a ‘dedicated secure parking space’ is the most wanted feature/facility that 25% of singles and 31% of couples aged between 50-64 years old would be most willing to pay a premium for when seeking a retirement home.
However, the same couples would equally opt for a ‘en-suite bathroom in each bedroom’ when deciding upon a retirement home too.
On the other hand, walk-in wardrobes were seen as the least desirable asset, garnering interest from only 12% of singles and couples asked in the survey.
Air conditioning was ranked pretty low too with only 15% of singles and 13% of couples deeming it a feature worth paying more for.
Further findings found that 12 million people aged 65 and over will be living in England by 2026. This has been enabled by pioneering advancements in medical technology, allowing individuals to better manage their health and, consequently, live longer.
The South East will benefit from 2,733 the new private retirement homes, with the South West set to gain the next most new private retirement units at 2,060.
However, the North East are expected to receive only 79 completed retirement living units by 2020 and Wales will get just 125 completed units within the next two years.