High-end property business Savills has launched a new service called Retirement Living, aimed at securing business from retirement scheme developers.
The team - said to be the first of its kind for a UK property company - will cover sales and marketing of completed schemes but will also advise on the whole process for developers, from land acquisition onwards.
Staff will include development, planning and healthcare specialists, and will be led by Henry Lumby who says retirement housing in the UK represents just 2.4 per cent of total housing stock although 18 per cent of the population is now over 65.
Henry Lumby says there are “significant opportunities” created by this demographic change. “Older people hold over £1 trillion worth of housing equity, often in homes that are bigger than they need and not suitable to changing needs. Large numbers are interested in down-sizing, yet the existing market frequently fails to meet their demands” he says.
“The industry has been focused on those who need to move rather than those who aspire to. Developers have begun to recognise these opportunities but more innovation by them and others is required to build homes for this growing market” claims Lumby.