Knight Frank's Seniors Housing Development Update 2023 explores how increasing private sector investment is supporting an uptick in supply - delivery of new units reached its highest level since 2018 last year – but with a structural imbalance between supply and demand, the need for further expansion is more important than ever.
- 8,008 new units added to supply in 2022 across more than 145 schemes
- 7.5% forecast increase in the total number of specialist seniors housing units in the UK over the next five years. Within that, IRC supply is forecast to increase by 38.7% and Retirement Housing by 3.5%
- 91% forecast increase in the total number of private seniors rental units by 2027
The report highlights that while delivery of newer seniors housing units has picked up in recent years, annual delivery accounts for around 3% of the total number of new homes built each year, despite the seniors age cohort accounting for 60% of all new population growth between today and 2040 (the under 65 population isn't forecast to change size in this period, while the 65+ is growing).
This year, the government set up an Older People's Housing Taskforce, of which Housing LIN's CEO, Jeremy Portues, is a member, to examine how to increase supply and improve the housing options for older people in later life and to explore ways to overcome any challenges.