As the UK’s population grows and ages over the next 20 years, the number of households over 65 years old will increase at a particularly fast rate.
According to the Department for Communities and Local Government, households headed by persons aged 65 and over are expected to increase by 155,000 a year in England alone, and they will form 37% of all households in 2039, up from 29% in 2014.
According to research by the Housing LIN there are 8 million people over 60, in 7 million homes, who are interested in downsizing.
Improvements to housing provisions
The supply of privately owned retirement housing has not matched growing demand. Build rates are low and need to grow 4 times from that achieved even before the 2007/8 downturn to cope with just a moderate increase in demand.
If current trends continue, the International Longevity Centre UK (ILC-UK) predicts a shortage of 160,000 retirement housing units by 2030. And by 2050 that could grow to 376,000.