The UK has an ageing population and is seeing the large 20-year demographic ‘bump’ of Baby Boomers moving through retirement. This generation, born in the years following the Second World War, has high expectations when it comes to the quality of life and standard of accommodation it will enjoy as it ages.
Along with Octopus Healthcare our newest research, ‘Housing Futures –Platinum Generation’, investigates the needs and desires of the retirement generation by surveying over 2,200 respondents from across the UK aged 65 years or older. The survey revealed four key insights into retirement accommodation:
- 73% of respondents have no plans in place for retirement accommodation or their care provision in later life.
- 42% believe there is a lack of suitable properties in the UK to downsize into.
- 41% would like a six-month trial before permanently moving into a retirement community.
- 17% would consider living in a professionally managed rental product, in other words a Build to Rent (BTR) model.
Source: Office for National Statistics
The research shows that there is a clear need for a new breed of retirement communities in the UK. The Baby Boomers have voiced objections to living in the same way as their parents in retirement. Often in good health, with decent pensions and active lifestyles, they want to live where they can continue to enjoy their established way of life, minus the day job. They want access to local culture and recreational facilities - such as theatres, farmers markets and swimming pools - but also accommodation that is flexible enough to meet their future care requirements.
We have identified six Platinum Generation tribes whom we believe exist throughout the UK. The diversity of the tribes demand a range of housing options from the property industry to support their wide spectrum of needs. But the ideal potential solution which we call Platinum Places, mixed-use, urban or edge-of-community developments in towns or cities, rather than the outskirts or the suburbs might just do the trick.
To download the full report, ‘Housing Futures: Platinum Generation’, please visit: www.struttandparker.com/housingfutures