Quality retirement housing is in high demand

Why building high-quality retirement housing is a top priority in 2020

Oct 5, 2020

In 2020, high-quality retirement housing is hard to come by. A recent report from Cass Business School has highlighted this, revealing that less than 3% of the UK’s housing stock is geared towards the retirement market, despite the fact that each year around 700,000 people reach the average age of retirement in the UK.

What does this say about the current housing market, and how is Lifestyle Residences working to change this?

Bigger is not necessarily better

Amidst the many fascinating findings detailed in this report, one interesting statistic in particular stands out: there are more than 15 million ‘surplus’ bedrooms in the UK – this ‘under-occupation’ is concentrated with older home owners. The report projects that by 2040, it’s expected that there will be nearly 13 million people above the age of 65 living in a household that is no longer the right size for their needs.

Although having a little extra space for when guests come to stay is often desirable, we know that bigger isn’t always better, and the physical and financial inconvenience associated with maintaining all that empty space can take its toll over the years. While a large property with several bedrooms may have adequately met a family’s needs when first purchased, naturally over time what we want out of a living space will evolve, and the housing market needs to reflect this. With recent studies showing that almost a third of over 65s would be keen to downsize, it becomes obvious that it is a desperate shortage of age-appropriate housing, rather than a lack of appetite, that is holding people back from making this sort of move.

A gap in the market

These findings underline why we made developing high-quality retirement property one of our key targets when we founded Lifestyle Residences. With a shortage of desirable retirement properties, it’s clear that this is a gap that needs to be bridged, and fast.

We are working hard to develop bespoke properties tailored to the needs of this age group, creating beautiful new homes like those in our Mulberry Court development, a stone’s throw from the banks of the Thames in Hampton Wick. Our vision for Mulberry Court is to address this gap in the market by providing age-friendly, elegant living spaces that offer buyers the opportunity to downsize to their dream lifestyle. So, what are the benefits buyers can enjoy with a move to a custom-designed retirement development?

Style over size

Reducing your square footage doesn’t mean you have to sacrifice style; quite the opposite actually, as freeing the assets tied up in those extra few bedrooms can allow you to invest into a smaller yet more luxurious property, better-suited to both your current situation and your future aspirations. By freeing up equity, downsizing offers the perfect opportunity to invest in the finer things in life, letting you enjoy your retirement exactly as you want it.

Stress-free property management

Development’s like Mulberry Court, with its range of concierge style services, are specifically designed to take the headaches out of the logistical and organisational aspects of everyday life. With a concierge on site, someone is always on hand to assist with your day-to-day needs. What’s more, such communities allow you to blend independent living with more support when it’s needed. At Mulberry Court home owners can pick from a menu of domestic and care options, and adjust care to suit as your needs change, whether for a little more help with cleaning and housekeeping, or more complex personal needs.

New social horizons

Downsizing not only offers a great way of doing away with the stresses of managing a larger property, but brings with it equally fantastic opportunities to meet new people and expand social horizons. Mulberry Court has been designed specifically to facilitate a real sense of community: there are shared spaces designed for a catch up over coffee, as well as exercise classes and parties. The gardens, library, deli cafe and salon are at the heart of life here – which is really more like a village within a village than a series of individual apartments.

Want to hear more?

Making the decision to downsize later in life is often just the start of an exciting new chapter, and the retirement housing market should reflect this. If you are interested in downsizing to your own dream lifestyle, don’t hesitate to get in touch to learn more about how our luxurious retirement properties for independent living can work for you.