11 June 2020
Welcome to our 2020 trends report on issues and opportunities in the UK senior living sector.
Over the last few years, we have seen an acceleration in the emergence of new purpose built senior living developments in the UK.
As more high quality developments specifically designed and operated to meet the needs and aspirations of senior occupiers are brought forward, we are beginning to see a shift in public perceptions about senior living schemes. There are signs that the stigma around moving into specialist senior living accommodation is beginning to fade.
Office of National Statistics data indicates that the population of the UK is ageing and it is projected to continue to age. By 2050, it is projected that one in four people in the UK will be aged 65 years or over – an increase from almost one in five in 2018. In 50 years’ time, there is projected to be an additional 8.2 million people aged 65 years and over in the UK – a population roughly the size of present-day London.
Such changing demographics and the shift in public perceptions – together with the need to address wider UK housing supply issues – will undoubtedly drive demand for new senior living developments in the coming years. It is clear that there is currently a structural undersupply of appropriate housing to meet the existing and anticipated growth in demand.
The COVID-19 lockdown resulted in large numbers of seniors being isolated, distant from family, friends and amenities. Following the pandemic, we anticipate that there may be an upsurge in demand for the lifestyle change offered by purpose built retirement communities: privacy and independence in a safe, secure and supported environment in close proximity to on-site or local amenities.
In this report, we look at some of the legal and practical issues facing the senior living sector and those looking to take a stake in the opportunities it holds.
We would welcome the opportunity to explore any of the issues referred to in this report with you in greater detail.