Commercial property company Savoy Stewart analysed findings from Knight Frank to find out the features and facilities older generations would be most willing to pay a premium for when considering a retirement home
The group discovered that a ‘dedicated secure parking space’ is the most wanted feature/facility that 25% of singles and 31% of couples aged between 50-64 years old would be most willing to pay a premium for when seeking a retirement home.
However, the same couples would equally opt for a ‘en-suite bathroom in each bedroom’ when deciding upon a retirement home too.
On the other hand, walk-in wardrobes were seen as the least desirable asset, garnering interest from only 12% of singles and couples asked in the survey.
Air conditioning was ranked pretty low too with only 15% of singles and 13% of couples deeming it a feature worth paying more for.
Darren Best, Managing Director of Savoy Stewart said: “The demand for specialist retirement properties is only set to increase in the future as the general population lives longer.
“As private landlords and developers cater to this demand, by designing and constructing new retirement living units, they should wisely deliberate over the various wants and needs of the elderly.
“This research certainly shows that there are features and facilities that elderly Brits desire and would be more than happy to pay a premium for.
“Whilst some features and facilities are prioritised over others, they all provide a fantastic blueprint for private landlords and developers as to what the older generations are ideally expecting when they envision a good retirement property”.
Further findings found that 12 million people aged 65 and over will be living in England by 2026. This has been enabled by pioneering advancements in medical technology, allowing individuals to better manage their health and, consequently, live longer.
The South East will benefit from 2,733 the new private retirement homes, with the South West set to gain the next most new private retirement units at 2,060.
However, the North East are expected to receive only 79 completed retirement living units by 2020 and Wales will get just 125 completed units within the next two years.