Senior care housing to surge 48% in five years
The number of specialised senior homes with care provision in the UK is expected to surge by 48%, with some 45,000 new homes delivered in five years.
Knight Frank has predicted a rise from 91,181 homes with care, to 135,252 by the end of 2024.
This growth is forecasted to account for the bulk of new senior homes, with the sector expected to rise by 10% to 809,020 homes over five years.
The number of specialised senior homes with care provision in the UK is expected to surge by 48%, with some 45,000 new homes delivered in five years.
Knight Frank has predicted a rise from 91,181 homes with care, to 135,252 by the end of 2024.
This growth is forecasted to account for the bulk of new senior homes, with the sector expected to rise by 10% to 809,020 homes over five years.
Standard retirement housing should grow just 5% to 6743,768, accounting for 85% of the sector.
However, Knight Frank said this growth will fail to meet the demands of the UK’s aging population.
The number of senior homes per 1,000 individuals over the age of 75 is expected to drop from 129 in 2020 to 120 by 2024.
Knight Frank said there was a particular demand for specialist care, urban locations and lifestyle-led offerings.
Tom Scaife, head of senior living at Knight Frank, said: “There are a number of clear trends emerging in the senior living space, driven primarily by demand from residents.
“Developments of mixed tenure are also becoming more widespread, as people discover the flexibility that comes from renting instead of buying in their later years.”
Calls for planning reform
Industry experts say planning policy is holding back growth of the sector. According to Knight Frank research, just 18% of local authorities have clear planning policies and site allocations to support the sector.
Lauren Harwood, head of senior living research at Knight Frank, said: “A step change in new delivery is required if the UK is to reverse the huge imbalance between need and supply, which is only set to increase as people continue to live longer and more of the population enters the 65+ age bracket.”
A separate report from the Centre for Better Aging has highlighted the scale of poor quality housing on people’s health.
It found 2m people over the age of 55 are living in “non-decent” housing, with a serious hazard risking the occupants health.
Responding to the report, Phil Bayliss, chief executive of later living at Legal & General, added: “If the UK is to ensure its housing policy works for everyone, we need to reform the planning system to provide older people with greater choice in terms of where they live, while ensuring the moving process is as straightforward and affordable as possible.”
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