Retirement Property Update.

Prioritising housing for an ageing population is a vital stimulus to the government’s economic recovery plan, with build targets proposed of 30,000 new retirement homes a year. Specialist housing providers are encouraging a target of 10% of all new housing, to be specifically built for the retirement sector.

The Office for National Statistics estimates in 50 years’ time, there will be an additional 8.2 million people aged over 65 years of age. It is a fair assumption that the baby boomer generation will actively be looking to downsize, and with sweeping changes to the planning system, there is a strong possibility that there will soon be a retirement community set up in most high street and city centre street locations.

High street retailers and shopping centres have seen a significant reduction in footfall, due to non-essential travel and social distancing measures implemented due to the Coronavirus crisis. Commercial landlords have seen their rental income dry up overnight and are now actively looking to sell or diversify their assets. The retirement housing sector are keen to utilise the relaxation of rules around the conversion of commercial buildings to residential use and are looking at opportunities to buy up commercial centres, and develop retirement villages, with all needs catered for the silver surfer generation.

The social and economic benefits will further stimulate the housing industry, freeing up family homes, and creating opportunity for first time buyers and families. Home buyer behaviour has significantly changed since lockdown restrictions were eased, with younger buyers looking for property with a strong internet connection, provision of a home office and generous garden or outdoor space listed as key priorities for families looking to move house or up the property ladder. 

The COVID?19 pandemic has highlighted the crucial need for better social care for the elderly, and the need to plan for future pandemics is essential. Retirement living is a perfect solution and properties are built to a high standard, with emphasis on a happy retirement community. Research indicates that residents in specialist retirement properties were also less likely to be hospitalised, and had lower levels of coronavirus infection, compared to those in mainstream housing.  

Property Ladder Group work in harmony with solicitors, attorneys and New Build Housing Developers. Our staff have many years’ experience working in the retirement housing sector. Our sensitive staff appreciate that managing a house sale may often be stressful and are experienced with working with elderly vendors and their family members to manage the whole sale process. To find out more, give us a call today on 0330 124 7434