Research sheds light on Bristol’s senior property market

A new report from  real estate advisor CBRE has found investment in mid-market senior living developments is essential to address the shortage of properties for older people in the South West.

CBRE’s senior living survey, which gathered responses from over 2,000 UK residents aged 55 and above, revealed that half of the respondents in Bristol were open to the idea of moving into a senior living scheme in the future.

However, the limited supply of such facilities in the city is hindering uptake.

Of those in Bristol willing to consider senior living schemes, 57 per cent had homes valued between £250,000 and £500,000, and 83 per cent had no mortgage.

Reasons cited for contemplating a move to a senior living scheme included the desire for a more manageable living space (76%) while staying close to their current location.

Additionally, 22 per cent of Bristol respondents were already considering such a move, while 55 per cent found the idea of maintaining independence with access to support appealing.

Phil Schmid, senior director of operational real estate at CBRE in Bristol, said: “Senior Living developments can offer an opportunity for downsizers to maintain links to their communities, have easy access to local amenities and benefit from regular social interaction. In the South West, there’s going to be a sharp rise in the population aged 75+ over the coming years, adding further pressure to health and social care services. Developments that support independent living for as long as possible can help to alleviate this pressure.

“With the creation of the Government’s Older People’s Housing Taskforce, it’s evident that there is a need to amplify the choice and quality of housing available to this cohort of the population. In all cases, local authorities and planning authorities hold the key to unlocking the provision of developments by better understanding the role of senior housing in reinvigorating communities and maintaining independence.”