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SCOTLAND, November 6, 2017 – Against a backdrop of housing demand outstripping supply in Scotland, property consultants JLL have calculated that housing stock for the over 75 age group in Scotland now exceeds £45 billion in value.
The figures highlight the large volume of housing that is tied up in the elderly market as many aged homeowners have little choice in alternative living models. In order to free up some of this housing stock, JLL is calling for a greater focus from housebuilders and local authorities on developing attractive alternatives including age specific housing, retirement villages and additional care homes.
By 2026, the number of people aged over 75 in Scotland will grow by more than 30% to 585,000. A recent report from JLL highlighted that this unprecedented level of growth is likely to cause a significant strain on the demand for care beds. The report calls for the development of more care facilities and the increased use of other care settings, such as supported living, tele-care and retirement living villages.
Alan Bennett, Director in the Healthcare team at JLL commented: "By providing attractive alternative models of living we can foresee a movement of elderly homeowners to better care settings, which will also help to ease the log-jam of housing supply across the country."
JLL has analysed current housing stock for the over 75 age group to identify postcode locations of significant potential for retirement living, specified by average household values and outright ownership percentages.
The results show seven postcodes within affluent areas of Edinburgh achieving high average household values for the over 75 age group. Within the top ten postcodes, are other high value areas located in Aberdeen, Aberdeenshire and Fife.
Household outright ownership for the over 75 age group currently sits at 83.8%, significantly higher than the Scottish national average for all age groups of 62.0%.
Robert Elrick, Surveyor in the healthcare team at JLL, comments: "By identifying the prime areas that have the highest concentration of wealthy older person home owners we can best direct resources to tackle the future need for privately funded care. Conversely we can also identify the most impoverished areas where public services need to be concentrated."
Data limited to postcodes over 500 dwellings*
Jason Hogg, Director of Residential and Development Land commented: "From a private residential development perspective there is enormous value in this data as it clearly identifies opportunities for developers to take advantage of the hugely influential and valuable downsizer market across Scotland."
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