Seniors Housing Sector will Grow 10% by 2025.
The UK property market is aware of this need.
In its latest Seniors Housing Development Report, global real estate consultancy Knight Frank has announced that it expects the number of specialist senior housing across the UK to grow by almost 10 percent over the next five years.
The total number of senior housing in the UK is now approx. 750,000 spread across 25,000 schemes, although a significant proportion (82 percent) are older inherited stocks built before 2000. The company predicts this number will grow to 820,000 by 2025.
A substantial increase is also expected in schemes with varying levels of on-site care, as well as rental-only options, the firm said.
The increase in delivery is being driven by new investments and growth in new operating platforms. Investment in the senior housing sector has been strong in the first half of the year and is expected to continue. This year £ 450m of capital has already been invested in the sector, and Knight Frank has identified an additional £ 1.3bn to be pledged.
The amount of capital already committed means that Knight Frank forecasts that total investment volumes for 2021 will exceed those of 2020.
Annual delivery has increased from a previous historical average of 6,690 units per year (2011-2015) to 8,293 per year (2016-2020). Knight Frank predicts that the annual delivery will increase, even more, reaching 14,000 units per year by 2025.
“More and more housing is needed for seniors.”
Lauren Harwood, Associate at Knight Frank, said: “In response to demographic aging, the need for age-appropriate housing has grown significantly. From standard housing to senior care facilities, the UK’s supply of senior housing has evolved dramatically over the last decade and will continue to do so.”
Knight Frank’s analysis of the future pipeline points to a move to provide more options to residents, including through mixed tenure and rent-only options and more schemes with different facilities and services.
Attentive housing plans represent 57% of the identified pipeline, with about 18,000 units under construction or with planning presented or granted. There are just over 13,200 retirement housing units under development.
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