This study analysed the demand for purpose-built later-living in the UK and its role as an aspirational lifestyle choice.
Elysian Residences builds luxury homes in the ‘later living sector’ with exceptionally high standards of design and service quality. At its heart, Elysian has the culture of a hospitality business and it has learned from beset practice of purpose-built later-living around the world.
Elysian commissioned Dataloft to undertake an independent study of the market in the UK, to explore the scale, depth and nature of demand for this lifestyle choice. The research pointed to a huge undersupply of purpose-built premium retirement accommodation in the UK. Just 1% of the UK’s population live in designated retirement schemes, compared to 17% of Americans and 13% of Australians.
It suggested that the generation which has benefitted most from house price inflation in the last four decades, may be poised to gain from a new housing market boom, based on the buying power of their own demographic. The research shows that substantial housing equity, built up over 40 years, could be redirected into one of the fastest growing sectors of the economy – the retirement pound. In London, the equivalent of five years’ new housing supply could be tied up in under-utilised areas of large family homes, with a value equivalent to £62 billion – capital that could be made to work in other ways, to fund lifestyle.