Major increase in retirement communities needed to keep up with ageing population

What we want: Future-proofing retirement housing in England

Publication Date: 18 February 2021

Retirement communities – housing designed specifically with emerging care needs in mind – are one solution for addressing important issues around housing and care in later life.

Yet only 0.7% of people aged 65+ in the UK live in specific housing-with-care models. There therefore remains significant scope for the sector to grow and to feature more prominently in the typical path through later life.

This report has highlighted a variety of trends that will shape how future demand for retirement communities may evolve over the next 20 years. These include:

Demographic trends are clear. The retirement community sector will need substantial growth over the next 20 years just to keep up with age-related growth; with respect to those aged 65+ in England, this means a boost of 37.3% by 2040. Progress should also be urgently made, with an 8.8% increase by 2025 to keep up with trends.

Finances appear strong for the moment. A key target group for retirement communities – homeowners aged 68-77 today – are best positioned in terms of housing value, while younger age groups may require adjustment to costing models in the medium and longer term. The market may also be fairly robust to the shock from the pandemic if the experience over the 2008 financial crisis is any indicator.

What people want matters. Decisions around housing moves are complex, and future efforts to connect people to retirement communities will require personalisation rather than a one-size-fits-all approach. People are looking for satisfaction in housing that allows them to age in place. Policy can play a role in shifting cultural attitudes around retirement communities.

As we move beyond the crises of the pandemic and have a clearer picture of how health, social, and economic trends are emerging, stakeholders will be able to adapt and develop their own plans to ensure the retirement community sector is stronger in delivering a critical part of the infrastructure for our ageing society.

Author: Brian Beach DOWNLOAD

Source: https://www.homecareinsight.co.uk/major-increase-in-retirement-communities-needed-to-keep-up-with-ageing-population-report-finds/

Published by Residential Forum

The Residential Forum is to promote the achievement of high standards of care and support for children and adults living in residential care and nursing homes, supported housing, residential schools and colleges, hospices and hostels. It contributes to improving the quality of service to the public. Members of the Forum are people of standing and experience drawn from the public, private and voluntary sectors, as well as some who can speak for service users and carers.

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