The supply of retirement communities will need to increase by a third by 2040 to keep up with projected trends due to population ageing in England, a new report has found.
The research, carried out by the International Longevity Centre (ILC) UK says population ageing will lead to increasing numbers of people suited for retirement communities – housing designed specifically with emerging care needs in mind.
By 2025 alone, an 8.8% increase in the development of these facilities is expected to be needed to keep up age-related growth.
The study also found that the target age demographic for retirement communities will increase in numbers by nearly 10% in most English regions, with the largest growth seen in London, where the sector will need to supply one additional property for every two to keep up with this trend.
ILC has called on the retirement community sector to adapt to these trends and take advantage of the growth opportunities available in the future.
Dr Brian Beach, senior research fellow at ILC, said: “Housing is a key component for people’s wellbeing across the life course. But in later life, it becomes especially crucial that an individual’s home provides a good fit to their needs.
“Retirement communities are designed to offer this – homes that fit current needs and adapt to future ones. While it is crucial that the sector boosts the supply of retirement communities in response to the age-driven growth that is expected, it is clear that a one-size-fits-all approach will not work.
“Individualisation to meet personal needs and circumstances and innovative approaches to harness new market opportunities will strengthen the sector’s ability to meet growing demand.”
Jane Ashcroft CBE, chief executive of Anchor Hanover, a provider of specialist housing and care, said: “The changing needs of our ageing society mean demand for specialist housing and care is strong and growing. We need to increase the number of options available to older people in the post-pandemic world.
“The focus should not just be on building homes but building the right homes, which can aid the economic recovery and the delivery of vital services.
“Addressing later-living housing needs and providing a wider range of options for older people will help all generations fulfil their aspirations.”