Britain is suffering from a chronic lack of purpose-built retirement housing, according to Knight Frank.
The agent’s Retirement Housing report shows that housing suitable for the elderly makes up only 2.8% of all new homes currently under construction in the UK. This is despite the fact that the over 65s will make up nearly 23% of the national population in the next 20 years.
The report also stated that 25% of over 55s intend to move into a retirement community in the future.
At present only 1% of people aged 60 and over live in retirement communities, compared with 17% in the United States. Providing more homes for retired people would reduce the strain on the NHS and would free up homes for young families.
Emma Cleugh, head of institutional consultancy at Knight Frank, said: “Policymakers and investors need to wake up to the reality of a rapidly ageing population and the consequences that flow from that. The government should be urged to support an ageing population with high quality housing, care and a future lifestyle to which they might aspire.”
