Location key for people choosing a senior living property, says Knight Frank
Location is by far the most important factor for the over 65s when choosing a property, Knight Frank has found.
More than half of respondents (56%) said location was their priority when looking for a home in Knight Frank’s first Senior Living Survey.
In other findings, the survey found affordability was a significant factor in people’s decision to rent accommodation, with 17% saying they did not have enough money for a deposit to buy a property.
Affordability of rent or purchase was cited by 28% of respondents when choosing a location to live.
Further priorities included living close to family and friends (17%), proximity to transport links (13%) and access to green space (10%).
Six in ten respondents said their last move was to a home within ten miles of their previous property, with almost a quarter moving more than 50 miles. Three quarters of people said living near a town centre was important.
A further survey of investors found 83% planned to manage their projects using an in-house platform; 68% said future investment would be in the regions (up from 63% today); and more than three quarters viewed Brexit as a threat.
More than a third of respondents said they wanted to engage in providing ‘cradle to grave’ housing, in some cases, student housing right through to Housing with Extra Care for older people.
Knight Frank forecasts the total value of the private senior living market will climb 40% to £55.2bn by 2023, from £39.6bn in 2019 – with growth being underpinned by demographic shifts and increased investment from both the UK and overseas.
Tom Scaife, Head of Senior Living at Knight Frank, (pictured) said: “These findings highlight clear opportunities for senior living developers to design schemes that appeal to this growing sector. In fact, 37% of respondents to the survey said they found the prospect of living in a senior living scheme attractive, representing huge potential for market growth.”
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