There are around 720,000 homes suitable for retirement in the UK - according to research conducted last year - but these properties can only accommodate seven per cent of the elderly population in the UK. That’s the size of the problem, which is thought by some commentators to be reaching crisis point.

Of the various property types which make up the 720,000, only 186,000 are available to buy. This is preventing a large number of the over-60 population in the UK from finding the right home for their retirement years, due to being unable to downsize. The same study found that there is in the region of 1.8 million homeowners who can’t leave their family homes and find a property more suitable, because of the shortage. Homes suitable for retirement can offer features such as a single level floor plan, more accessible storage and an absence of steps, to make life easier for residents.

An overwhelming share of the new retirement homes are available for rental only

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