Savills is launching a new service line, Retirement Living, dedicated to the retirement sector.
The move has been prompted by a lack of stock in the sector and increasing demand due to an ageing population. Housing for the sector in the UK represents just 2.4% of total housing stock.
Retirement Living will provide site identification and consultancy services through to the sales and marketing of completed schemes.
Henry Lumby, head of Retirement Living, said: “Older people hold over £1tn of housing equity, often in homes that are bigger than they need and not suitable to changing needs.
“Large numbers are interested in downsizing, yet the existing market frequently fails to meet their demands. The industry has been focused on those who need to move rather than those who aspire to.
“Developers have begun to recognise these opportunities but more innovation is required.”
