This research by Octopus Real Estate on the future of the retirement living sector shows there is clear appetite for more housing options and this has only increased in light of the pandemic. It highlights the gap between supply and demand for retirement real estate.
Drawing on a survey of 3,000 people in later life, the research shows that more than one in four of homeowners aged over 65 surveyed would “definitely or maybe [be] likely to move to a retirement community”, after being shown the lifestyle and facilities on offer – based on the latest population numbers for over-65s, this already equates to more than 2.5 million people potentially wanting a retirement community home.
Furthermore, the global pandemic has had a profound effect on people’s lives, with many reappraising the type of lifestyle they want to live – and this is no different for those either retired or thinking about retirement. Many respondents in their survey feel differently about their retirement living arrangements as a direct result of the Covid-19 pandemic. For example, many of those surveyed were forced to shield during the heightened social restrictions, and felt lonely as a result, while everyday household maintenance was stressful for many, with almost half of those surveyed feeling they will be unable to, or being unsure if they will be able to, keep up with maintaining their home as they get older.
Interestingly, the report also notes that education is going to be key. The research found that a the number of respondents were unaware that the lifestyle they desire in retirement is at the very heart of retirement communities. And once they were made aware of what living in a retirement community was like, their perceptions changed