UK's ageing demographic picks up speed over the next 10 years
The ageing population in the UK is not a new story but growth in this demographic really picks up speed over the next 10 years, so what implications will this have for the housing market?
The ageing population is growing by an average of 255,000 per year, which means that in 10 years time, 2028, there will be 2.5 million more retirees. The percentage growth vastly outweighs that in children or working age population. For those of us still lucky to have our parents and grandparents with us, this is a concern as only 2% of the UK's current housing stock is designated as retirement housing, which houses just 1% of Britons over the age of 65. We're a long way behind America and Australia, with 17% of Americans and 13% of Australians living in retirement specific housing.
What can be done to solve this?
Today’s retirement generation is more active, technologically savvy, independent and quality orientated than ever before so building homes exclusively for the retirement community requires a clear understanding of their needs and desires. Creating communities that respond to current and future needs is a complex task. For developments that capture this right mix there is a huge and growing pool of demand.
So, this explains why there is currently such a demand for bungalows. Our office, here in Werrington, has recently seen an increase in people considering downsizing from a house to a bungalow or ground floor apartment, but with a lack of availability, this explains why bungalows tend to hold their value so well. If you are thinking of downsizing, please feel free to call and discuss on 01733 511225.