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By Anthony Oldfield and Philip Schmid
New JLL insight into current Housing with Care supply and socio-demographic profiling of older persons' wealth indicates a huge opportunity for further supply, targeting the mid and high-end markets.
Anthony Oldfield Director, Healthcare comments:
“Our research highlights that there is only one tenth of the provision per capita in the mid and high-end markets, compared to the existing affordable segment.
"We see an immediate opportunity for existing providers/operators, but more importantly for new market entrants, to find innovative models that meet the needs and aspirations of the next generation of retirees. Currently there is limited availability of suitable accommodation, which will come under increased pressure as the post war generation reaches old age. This is not one of those future demographic hype stories, the opportunity is now!”
Philip Schmid Associate Director, Healthcare added: "Baby boomers have seen house prices rise 4,300% over the last 40 years and in 70% of cases own their house outright. This increase has given people an asset base on which they can start to make more choices and take control over their retirement. They are seizing the opportunity to release capital from larger family houses by downsizing to help fund their lifestyles and maintain independence.
"As a result we see the Housing with Care market is one of the fastest growth sectors in Healthcare akin to the growth seen in student housing; driven in part by sheer weight of numbers but also by choice and the aspirations of retirees.”
Read more on this month's Healthcare Bites
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