I have written a lot about the current state of the retirement housing market in the last twelve months,though it mainly reflects the relative inactivity in a stalled housing economy. ( You can see my earlier posts by clicking on “Retirement Housing” in the topics list)
At a time when more and more of the baby boomer generation are entering retirement age and looking for new options in later life, there is a massive mismatch between demand and supply. Or, perhaps more accurately between aspirations and opportunities. There are simply not enough houses on the supply side, however, the demand is skewed by a host of factors related to both affordability and suitability.
There are expected to be an extra 3.5 million older households in England by 2033. A 60% increase, which will mean that a third of all households will be occupied by people aged over 65.
Currently only 2% of older people live in specialist age related housing. This has the potential to rise to 5% in the next decade, but only if the supply of new retirement housing increases dramatically.
It is a great opportunity, if we take it, or leads to a big problem, if we don’t.
I will expand on this theme in the days ahead.