RETIREMENThomes
Retirement villages
Retirement villages, looks at a growing UK trend as baby boomers seek a livelier life.
T
he balance of ages within our population is changing – fast. It is estimated that, in just a few years, 25 per cent of the population will be over retirement age. This
demographic transformation may be attributed to improved medical care and technological advances that lead to a better quality of life but this increasingly large older generation will impact the UK in a big way. Our national expenditure on health and care will soar and democratic voting trends will change.
The property industry will need to change too. The 2010 Knight
Frank Retirement Housing Report says that 70 per cent of over 65s are outright owners of their homes, with only four per cent having a mortgage. As the ‘Baby Boomers,’ the generation notorious for their unprecedented wealth and prosperity, near the age of retirement, these figures will rise. Statistics from the Housing Learning and Improvement Network 2010 Report reveal that 37 per cent of UK households are thought to be under-occupying their homes – half are aged 50-69. This will cause major problems for the younger generations as they struggle to afford family homes. How should the housing industry respond? In South Africa, America and Australia, designated housing for
the elderly has sparked the development of ‘retirement villages.’ These provide residents with accessible amenities, on-site care, a safe and pleasant environment and an instant community. This has proved extremely popular. The Knight Frank report estimates that five per cent of older Americans and three per cent of older Australians live in purpose-built retirement communities.
THE UK TO FOLLOW? While there are hundreds or even thousands of retirement blocks of flats or small developments across the UK, there is only a handful of full blown retirement villages in the UK, including Hartrigg Oaks in York, Westbury Fields in Bristol and Ryfields in Warrington. This is possibly because the notion of a ‘retirement village’ remains controversial. The RICS 2009 Report highlights that this type of specialist housing is unattractive to many older people because they associate it with ageing and infirmity. Retirees are fitter and healthier than ever, not to mention more widely networked and well travelled. To label the retiring generation as ‘old’ is outdated. This change in outlook has forced developers to consider
42 MAY 2011 PROPERTYdrum
housing options that lean away from the stereotypical ‘old and infirm’ retirement village. The key is the growing proportion keen to downsize. Downsizers are extremely important for both housing developers and estate agents. Lucian Cook, a director of Savills, commented that the company had been “keeping a close eye on downsizers.” They help to prevent the housing market from stagnating and free up family-sized property for the younger generations. An increasingly popular option for housing developers eager to
target the older generation is accommodation for the over 55s. A good example is Woodland Grove in Milltimber, Aberdeen, listed by the Daily Telegraph as one of “Britain’s most desirable and affordable properties” for this age group. Woodland Grove is the
Maybe they need to
adjust the roadsigns – no walking sticks now!
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