The population in the UK is ageing rapidly and it is estimated that 1 in every 5 people will be over the age of 65 by 2025, meaning 13.8million people will be within this demographic in just 5 years’ time and making this the most under-supplied area of the housing market.
In London, the retirement population is forecast to grow from 1.05m to 1.38m by 2027 and it is estimated that there will be demand for 88,000 later living units in the capital over the next 10 years. However, there is currently no bespoke, developed rental stock in London.
The Lancet reports that the number of people aged over 85 with care needs is set to double over the next 15 years, meaning there will be a higher need for nursing and dementia beds throughout the country.