senior living - knight frank · private senior living market from the strong demographic landscape...

2019

SENIOR LIVING ANNUAL PERFORMANCE REVIEW

RESEARCH

3

SENIOR LIVING ANNUAL PERFORMANCE REVIEW 2019

KNIGHT FRANK RESEARCH2 RESEARCH KNIGHT FRANK

Our database of information on the burgeoning Senior Living sector is expanding rapidly, and our aim is to use the headline data to help contextualise the industry for those already active or thinking of investing. We look forward to working with you over the next year.

Our market leading research examines the fundamentals of the private Senior Living market from the strong demographic landscape to sales and rental performance of the largest private operators.

INTRODUCTION

Lauren Harwood Head of Senior Living Research

MARKET FUNDAMENTALS There is a growing demand and supply imbalance in the UK, driven by an ageing population and structural undersupply of suitable housing for seniors.

The Senior Living sector has evolved in recent years, and there are now an extensive range of tenures and offerings with varying facilities and services (which include hospitality and care). As the sector evolves it is increasingly seen as the seniors housing market which comprises Age Restricted Housing, Independent Living, Assisted Living and Memory Care.

In this analysis we cover: Age Restricted Housing with a lower range of facilities and

FIGURE 3 Private Senior Living operator income models – For-sale model

Source: Knight Frank

NU

MB

ER

OF

EX

IST

ING

UN

ITS

/BE

DS

• Property• Property• Hospitality

• Property• Hospitality• Services• Assistance with daily activities• Care

• Property• Hospitality• Services• Assistance with daily activities• Specialised Care

• Property• Hospitality• Services• Assistance with daily activities• Specialised Care• Nursing Care

AGE RESTRICTEDHOUSING

INDEPENDENTLIVING

ASSISTEDLIVING

PERSONALCARE

NURSINGCARE

153k

213k*

247k*

21k

Number of existing UK units * This includes privately-owned care homes

Housebuilder Model

Deferred Management Fee (DMF) model

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10


DevelopmentProfit

DevelopmentProfit

Income

Income

CONS

TRUC

TION

SALE

S

CONS

TRUC

TION

SALE

S

Housebuilder Model

Deferred Management Fee (DMF) model



DevelopmentProfit

DevelopmentProfit

Income

Income

CONS

TRUC

TION

SALE

S

CONS

TRUC

TION

SALE

S

and operational models to be profitable. Increasing clarity from the Law Commission on the use of DMF’s has helped progress this model in the sector. The DMF enables payment of part of the long-leasehold interest when the property is vacated – allowing for management costs and capex.

The DMF aligns the interests of the operator and the residents – and ensures re-investment and management of the scheme over the long term. This in turn maximises

the growth in value of the residents purchase and investment.

Lastly, it is interesting that the first substantial rental platforms are materialising, with increasing equity invested into the rental seniors market from the UK and overseas. Existing for-sale operators are introducing rental as pepper-potted units or standalone blocks into schemes, and we are seeing the first BTR Senior Living schemes come forward.

FIGURE 2 Private Senior Living and care home models

Source: Knight Frank, EAC


12 MILLION PEOPLE AGED 65+

There are more than 12 million people in the UK aged aged 65 or over

FLEXIBILITYThe former family home can be sold

at the resident’s convenience

POPULATION AGEING

The number of people aged 80+ is set to climb by 40% over the next decade

OLDER POPULATION RISING

The number of those aged 65+ is forecast to grow by 22% over the

next decade

1 IN 4 OVER 65

One in four people in the UK will be aged 65 or over in the next 25 years

THE CASE FOR RENTAL IN SENIOR LIVING

services, and Independent and Assisted Living with an increasing facility and service offering, including care.

The private Senior Living market to date has predominantly been driven by a ‘For-sale’ model offering properties on a leasehold basis to those looking to downsize.

There has been a shift in the economics from a housebuilder model based maximising development margins to an operational model with profit derived from the development and the operating business. Deferred Management Fees or Charges (DMF) are key to this model, to enable land to be acquired in a competitive market

UK DEMOGRAPHIC SNAPSHOT

LOWER COST OF RE-LOCATING No stamp duty to pay

PEACE OF MINDA resident can move within a

scheme and trade space for care as their needs increase

TAX PLANNINGEarlier release of equity to reduce

Inheritance Tax

FIGURE 1 The ageing population: England ONS Projections

Source: Knight Frank, ONS

Please see important notice on back page of report

90+

85-89

80-84

75-79

70-74

65-69

60-64

55-59

50-54

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

90+

85-89

80-84

75-79

70-74

65-69

60-64

55-59

50-54

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

2019 2039

90+

85-89

80-84

75-79

70-74

65-69

60-64

55-59

50-54

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

90+

85-89

80-84

75-79

70-74

65-69

60-64

55-59

50-54

45-49

40-44

35-39

30-34

25-29

20-24

15-19

10-14

5-9

0-4

2019 2029

AGE GROUP

NUMBER

AGE GROUP

NUMBER (MILLIONS)

AGE

GROU

P

AGE

GROU

P

128%% CHANGE2019-203971%

53%

54%

24%

24%

6%

0%

-3%

4%

7%

-9%

-2%

4%

8%

15%

2%

-6%

-1%

0 1,000,0001,000,000 2,00,00002,00,0000 3,000,0003,000,000 4,000,0004,000,000 5,000,0005,000,000

0 1,000,0001,000,000 2,00,00002,00,0000 3,000,0003,000,000 4,000,0004,000,000 5,000,0005,000,000

65

54


KNIGHT FRANK RESEARCHRESEARCH KNIGHT FRANK

CURRENT AND PROJECTED SUPPLY There are currently around 740,000 Senior Living units across the UK and almost a quarter of these are private units, some 175,000 units.

FIGURE 6 Private Senior Living annual supply, by region: current and forecast

93%

7%

FIGURE 7 Private Senior Living supply projections in the UK

PRIVATE FOR-SALE

2023 (forecast total)Value - £51.6bnTotal units - 220,000

2019 (existing)Value - £38.2bnTotal units - 172,000

PRIVATE RENTAL



PRIVATE FOR-SALE



PRIVATE RENTAL



Source: EAC, Girlings, Knight Frank

FIGURE 8 Trends in 65+ household tenure In England

Source: Knight Frank, English Housing Survey

FORECAST

HO

US

EH

OLD

S (T

HO

US

AN

DS

)

HO

US

EH

OLD

S (T

HO

US

AN

DS

)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

50

100

150

200

250

300

350

400

450

Owners with mortgage (left hand axis)

All 65+ households (right hand axis)

Outright owners (right hand axis)

Private renters (left hand axis)

All 65+ households projection (right hand axis)

2024

-25

2023

-24

2022

-23

2021

-22

2020

-21

2019

-20

2018

-19

2017

-18

2016

-17

2015

-16

2014

-15

2013

-14

2012

-13

2011

-12

2010

-11

2009

-10

2008

-09

2007

-08

2006

-07

2005

-06

2004

-05

2003

-04

FORECAST

2023

2014

2015

2016

2017

2018 2019

2020

2021

2022

FORECAST

646

8161,806 819819 9411,6491,548

1,573

707

707

700

1,458

1,347

1,547

648

648

763

1,190

1,04282276

480

458

488

200

1,50

81,

376

518

511

508

908

676

553

553

200 2,371

3,271

1,70

8

14

626

556

2,18

0

200

50

13

392

16

39

445

288

260

158

737

1,038

596

317

54

369570

93

381

635411

920

1,340

597

536

158

190358

90341

289150

1,0501,038

317

381

18042

47439

657216

1,1951,744

577

28636

931802 208

116

89376

92

931802 376

463002,0132,790

81459

2,309

2,982300

WA

LES

WE

ST

MID

LAN

DS

YO

RK

SH

IRE

& T

HE

HU

MB

ER

SO

UT

H W

ES

T

SO

UT

H E

AS

T

SC

OT

LAN

D

NO

RT

H W

ES

T

NO

RTH

EA

ST

LO

ND

ON

EAST O

F EN

GLA

ND

EAST MID

LAN

DS

FIGURE 4 Annual delivery of Senior Living units in the UK

FIGURE 5 Senior Living total UK stock by tenure – current and forecast

Private rent Social housing Hybrid*Private owned

0

5,000

10,000

15,000

20,000

2023202220212020201920182017201620152014

67,788 Units forecastedUnits constructed

41,183

Source: EAC, Knight Frank

* Note: This includes a mixed of tenures and shared ownership

* Note: This includes a mixed of tenures and shared ownership

* Note: Private rental units refer to those in existing Age Restricted and Independent Living schemes. These figures currently exclude beds within higher care provision schemes such as Sunrise and Signature.

NU

MB

ER

OF

UN

ITS

DE

LIV

ER

ED

P.A

TO

TAL

UN

ITS

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

1983

1982

1981

1980

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000FORECAST

Private rent Social housing Hybrid*Private owned

Knight Frank forecasts the delivery of more than 50,000 private sale units and 6,000 private rental units between 2019-2023

Source: EAC, Knight Frank

Includes private sale and rental units

Given the growth of investment in the Senior Living sector in recent years, an increase in delivery of units is widely expected. We have analysed the future plans of all major operators against past delivery to forecast a 30% increase to the current stock of private living senior units by the end of 2023. This equals an additional 50,000 private sale and rental units being delivered in the next four years.

However, the growth in private delivery will not be spread evenly across the country – it will be concentrated in £350psf+ markets in the South East, South West, Midlands and East of

England. In time, varying DMF models and an increase of rental schemes will help re-distribute delivery into lower priced areas of the UK.

In London, we estimate that the number of private units priced at more than £1,000 psf will rise from 300 at present to 2,000 units by the end of 2023.

There are more than 4,000 existing Senior Living private rental units in the UK, with 93% of these pepper-potted in for-sale schemes, and the remaining 7% delivered as purpose-built rental schemes (BTR).*

The rental market for Senior Living is likely to increase, in line with the changing tenure trends across the wider housing market, particularly the uplift in renting among older age groups in the UK. As well as increased interest in purpose-built rental (BTR), for-sale operators are also increasing their allocation of private rented units pepperpotted in their schemes. Projections from the Centre for Ageing Better suggest that by 2040, a third of those aged 60+ could be living in privately rented housing. Knight Frank estimates the value of the private rental market will increase from £1.3bn in 2019 to £3.4bn by 2023.

76



SALES PERFORMANCE Methodology: We took a sample of 200

schemes across the country developed

since 2000, split between Age Restricted

Housing (57%) and Independent/Assisted

Living (43%). The schemes are made up

of more than 6,500 individual units, which

we tracked from original sale through all

re-sales to today, providing data for more

than 10,000 private Senior Living sales.

This analysis includes schemes from all

major private Senior Living operators, which

together have delivered 77% of private

Senior Living units in schemes of 20+ units.

The database incorporates schemes spread

across the country, but with a natural bias

towards the South East and the South West of

England (as shown in Figure 9) as that is where

most development activity has been focused.

Using this data, we are able to understand

the impact of demographics, local housing

market, scheme facilities and services on

scheme performance.

How Senior Living comparesOur data demonstrates that Independent/

Assisted Living have higher sales values

on average compared to Age Restricted

Housing, this is typically due to the the wider

provision of facilities and services on offer

on offer (as examined further on Page 9).

FIGURE 10 Sample: Sales per year – new-build and resale

Source: Knight Frank, Land Registry *January to June 2019

Indeed, the data shows that in 2018, the average achieved sales price for Independent/Assisted Living units are higher than for Age Restricted Housing.

Likewise, achieved £psf pricing for new-build is higher than resale as expected. It is worth

FIGURE 9 Sample: % of sales examined, by region, 2014-2019

Source: Knight Frank, Land Registry

SOUTH EAST37% | 36%

LONDON6% | 8%

WESTMIDLANDS5% | 10%

NORTH WEST6% | 3%

YORKSHIRE &THE HUMBER

5% | 6%

Age restrictedhousing

Independent/assisted living

EASTMIDLANDS4% | 5%

EAST OFENGLAND

10% | 10%

WALES0% | 0%

SOUTH WEST27% | 22%

noting that this data will be influenced by the

schemes on sale in any given year. When

observing individual property resales, we

can identify that on average, these units are

retaining value on resales, as identified by

our resale index overleaf.

0

500

1,000

1,500

2,000

201920182017201620152014

Independent/Assisted Living New Build Resale

Age-Restricted HousingNew Build Resale

FIGURE 12 Achieved sales values for Senior Living sales

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

£0

£200,000

£400,000

£600,000

£800,000

£1,000,000

£1,200,000

£1,400,000

Age restricted housing Independent/assisted living Average property prices (England & Wales)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

£0

£200,000

£400,000

£600,000

£800,000

£1,000,000

£1,200,000

£1,400,000

Average (new build) Average (resale)New build Resale

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

£0

£200,000

£400,000

£600,000

£800,000

£1,000,000

£1,200,000

£1,400,000

Average (new build) Average (resale)New build Resale


ACHIEVED SALES VALUES – 2000-2019 (YTD) BY TYPE

ACHIEVED SALES VALUES – 2000-2019 (YTD) – INDEPENDENT/ASSISTED LIVING

ACHIEVED SALES VALUES – 2000-2019 (YTD) – AGE RESTRICTED HOUSING

AC

HIE

VE

D P

RIC

E (£

)A

CH

IEV

ED

PR

ICE

(£)

AC

HIE

VE

D P

RIC

E (£

)

FIGURE 11 Achieved pricing analysis for Senior Living sales in England

£100,000

£200,000

£300,000

£400,000

£500,000

£600,000

20182017201620152014

Age Restricted Housing Independent / Assisted living

AVERAGE ACHIEVED £PSF IN 2018AVERAGE PRICE PAID 2014-2018

Age Restricted Housing Independent/Assisted Living

£494

£440


AC

HIE

VE

D P

RIC

E (£

)

NU

MB

ER

OF

SA

LES

Note: All Senior Living data on this page is from the Knight Frank sample database. Note: All Senior Living data on this page is from the Knight Frank sample database.

98



WHAT DRIVES VALUE The value and performance of a unit within a Senior Living scheme is influenced by a number of factors.

Location is a crucial factor when assessing demand and value as it can strongly influence a senior’s decision to relocate. The location of a scheme can be influenced by: the number of seniors within a specific area, the demographic composition, wealth and liquidity, and downsizing potential in relation to affordability.

The performance of the local residential market is also an important factor. With a large proportion of downsizers selling their property to release equity for a Senior Living move, an understanding of performance in the residential market – both locally and regionally – underpins the success of a Senior Living scheme.

The composition of a scheme itself can also drive value. Unit mix, layout and specification can be determining factors of performance.

The provision of services such as care or assistance with everyday activities can widen the demand and influence the performance of a scheme in terms of achieved pricing, sales rates and length of stay. This relationship is highlighted in Figure 16, with higher service schemes commanding higher £PSF in the South East.

FIGURE 15 Average length of ownership in England


INDEPENDENT/ASSISTED LIVING


3-8YEARS

2-6YEARS

FIGURE 14 Average achieved £psf – Senior Living by region (2018)

FIGURE 13 Sales index – Senior Living vs Residential

50

75

100

125

150

175

200

2018201720162015201420132012201120102009200820072006

Age-restricted housing

England HPI

Independent/Assisted living


Methodology: This uses hedonic regression based on price and controlling for characteristics such as region, property type and size. The dataset has a bias due to the nature of a sample, with this being heavily weighted towards the South East and South West and to flats. We have tried to control for this.

Note: Categories with a small number of sales in 2018 have been excluded from our analysis Source: Knight Frank, Land Registry

Indeed the level of care provision can also play a large part in the length of stay for a resident (figure 15). With increasing care provision on offer in Assisted Living schemes, residents can stay for longer, and potentially reduce the need for, or the time that would be spent in, a care home.

The facility offering is also an influencing factor in determining value, with evidence

suggesting that some schemes with a diverse range of facilities e.g. a pool and a gym, achieve higher sales values compared with schemes with little or no facilities.

Figure 17 demonstrates the relationship between rental pricing and the provision of facilities and services. In time, and with more data, we can analyse this relationship in more detail.

Examining the sales from our sample in more detail, it can be seen that over time, the rise in pricing in Age Restricted Housing largely tracks the average house price index, while Independent/Assisted Living has outperformed as shown in Figure 12.

Our analysis shows that Independent/Assisted Living achieves a higher £PSF across many regions compared to Age Restricted Housing.

“


FIGURE 16 SOUTH EAST: Achieved £PSF by service offering in Independent/Assisted Living schemes built since 2010

High service provision scheme Average service provision scheme


WESTMIDLANDS

0

100

200

300

400

500

600

700

800

900

201920182017201620152014

£ P

ER

SQ

FT

Source: Knight Frank, operator data

FIGURE 17 Rental pricing for private Senior Living schemes

CA

RE

AN

D H

OS

PIT

ALI

TY

SE

RV

ICE

S

TOTAL RENTAL CHARGE PER CALENDAR WEEK (PWC)

Assisted Living

Age Restricted Housing

(secondary)

IndependentLiving

Care Homes / Memory Care

Age Restricted Housing

(new build)

SOUTH EAST

WESTMIDLANDS

NORTHWEST



£300-£350 £350-£400 £400-£450 £450-£500 £500-£550 £600+

EASTMIDLANDS

EAST OFENGLAND

SOUTH WEST

LONDON

SOUTH EAST

WESTMIDLANDS

NORTHWEST



£300-£350 £350-£400 £400-£450 £450-£500 £500-£550 £600+

EASTMIDLANDS

EAST OFENGLAND

SOUTH WEST

LONDON

Note: All Senior Living data on this page is from the Knight Frank sample database. Note: All Senior Living data on this page is from the Knight Frank sample database.

SOUTH EAST

WESTMIDLANDS

NORTHWEST



£300-£350 £350-£400 £400-£450 £450-£500 £500-£550 £600+

EASTMIDLANDS

EAST OFENGLAND

SOUTH WEST

LONDON

SOUTH EAST

WESTMIDLANDS

NORTHWEST



£300-£350 £350-£400 £400-£450 £450-£500 £500-£550 £600+

EASTMIDLANDS

EAST OFENGLAND

SOUTH WEST

LONDON

1110



Source: Knight Frank operator analysis


OUTLOOKHow would you characterise 2019 in the Senior Living Market? The UK seniors housing market has really taken off in 2019, fuelled by increased international capital coming into the market – including private equity, institutional investment and investment from family offices. The largest proportion of international capital has flowed from North America this year.

The number of deals has increased this year, among both established operators and new entrants. Larger deal sizes are taking place as operational efficiencies are sought, and there have also been sizable forward funding deals.

Underpinning this trend is a search for real estate alternatives in the investment markets as other sectors look mature or under pressure. Certainly there is debt funding available for development across the spectrum of seniors housing – from Age Restricted Housing, through Independent Living to Assisted Living schemes, both sale and rental.

Any challenges ahead? Some of the biggest challenges, once overcome, could be significant opportunities within our sector. These include effectively applying increasingly sophisticated technology to the sector and solving the staffing conundrum.

We need to increase the use of technology – including for medication administration, human resources and dissemination of information for family members.

And we need to come together to find and create the employment base to meet the growing business opportunity. Increased partnerships with universities and colleges are required to establish hospitality and wellness as a more recognised career. More advanced training programmes will be required to improve staff retention rates and manage those staffing costs.

What about Brexit? Senior Living is not immune from the uncertainty created by Brexit, but we expect a high level of resilience in this market due to the strong fundamentals and defensive nature of the sector.

The sector is being driven by structural demographic shift, economics of wealth accumulation and care needs. This shift is happening, and not going away. Seniors are living longer due to benefits of increased wealth and access to healthcare through their lifetimes. The development of property specifically designed for seniors will provide them with a better range of housing options and free up family housing for future generations.

What are your predictions for the coming years? • We expect increasing levels of activity in

the sales market and the continued expansion of the institutional investment-grade rental market.

• Going forward, we will see increased diversification of residential masterplans and more partnerships between builders and operators, with a focus on the role Senior Living can play creating intergenerational communities.

• There will be an increased number of joint ventures and management agreements between care companies and developers. More operators will also enter the market.

• The increased transparency around, and rising acceptance of, deferred management fees (DMF) among residents and investors will lead to increased purchase options for consumers. The charges offer more scope for flexibility around using housing equity to purchase while retaining pension income.

• The market will continue to expand with a focus on flexible services, access to high quality care with wellness a priority, an expansion of tenure options, new construction methods and a long term operational approach. Increased government support and clarity at the planning level along with SDLT relief for downsizers would be great – but let’s not hang around for it!

• The ageing population, especially the forecast growth in those aged 80 or over between now and 2040 will lead to an increase in demand for assisting living. The example set by North America illustrates the potential offered by continuum of care, with independent, assisted and memory care being delivered in one scheme.

Tom Scaife Head of Senior Living

Operational performanceAs part of this exercise, we were fortunate to work operators across the Senior Living sector and undertake a detailed analysis of their operations and performance.

Here is a snapshot of the analysis of the operator data.


1 STAFF MEMBERTO 6 UNITS

TABLE 3

COMPONENTS OF COSTS 2018/19 (%)

PAYROLL COST

REPAIRS & MAINTENANCE

UTILITIES ADMINISTRATIVE COSTS

F&B COSTS

LEISURE/ WELLNESS

COSTS

OTHER COSTS

44% 7% 10% 6% 7% 3% 24%



TABLE 2

COMPONENTS OF INCOME 2018/19 (%)

F&B INCOME

LEISURE/ WELLNESS

INCOME

SERVICES AND OTHER

INCOME

TOTAL GROUND

RENT RECEIVED

TOTAL SERVICE CHARGE /

MANAGEMENT INCOME

DMF FEE

10% 1% 11% 3% 62% 12%

FACILITIES SERVICES

Entrance hall, guest suite, lounge, cafe, bar, restaurant, library, cinema room, craft room, gym, yoga studio, spa, pool, treatment room

Dining, educational activities, exercise activities, transportation, assistance with daily living

activities (dining, bathing, dressing, help with walking), medication management

Focusing on Independent/Assisted Living schemes in the South East, we have analysed the achieved £PSF for sales within schemes with a higher facility offering versus those with a lower offering. The analysis indicates that a higher provision of facilities, particularly the presence of a pool or gym can positively influence achieved pricing.

FIGURE 18 £PSF by facility level – schemes with pool and gym Independent/Assisted Living schemes in the South East

0

£100

£200

£300

£400

£500

£600

£700

£800

£900

201920182017201620152014

£psf with pool or gym £psf no pool or gym

Note: All Senior Living data on this page is from the Knight Frank sample database.

FIGURE 19 Average Staff to unit ratio, Independent/Assisted Living

AC

HIE

VE

D £

PS

F

TABLE 1

FACILITIES AND SERVICES WITHIN PRIVATE SENIOR LIVING SCHEMES

Important notice: This report is provided strictly on the basis that you cannot rely on its contents and Knight Frank LLP (and our affiliates, members and employees) will have no responsibility or liability whatsoever in relation to the accuracy, reliability, currency, completeness or otherwise of its contents or as to any assumption made or as to any errors or for any loss or damage resulting from any use of or reference to the contents. You must take specific independent advice in each case. It is for general outline interest only and will contain selective information. It does not purport to be definitive or complete. Its contents will not necessarily be within the knowledge or represent the opinion of Knight Frank LLP. Knight Frank LLP is a property consultant regulated by the Royal Institution of Chartered Surveyors and only provides services relating to real estate, not financial services. This report was researched and written in September 2018 based on evidence and data available to Knight Frank LLP at the time. It uses certain data available then, and reflects views of market sentiment at that time. Details or anticipated details may be provisional or have been estimated or otherwise provided by others without verification and may not be up to date when you read them. Computer-generated and other sample images or plans may only be broadly indicative and their subject matter may change. Images and photographs may show only certain parts of any property as they appeared at the time they were taken or as they were projected. Any forecasts or projections of future performance are inherently uncertain and liable to different outcomes or changes caused by circumstances whether of a political, economic, social or property market nature. Prices indicated in any currencies are usually based on a local figure provided to us and/or on a rate of exchange quoted on a selected date and may be rounded up or down. Any price indicated cannot be relied upon because the source or any relevant rate of exchange may not be accurate or up to date. VAT and other taxes may be payable in addition to any price in respect of any property according to the law applicable. © Knight Frank LLP 2019. All rights reserved. No part of this publication may be copied, disclosed or transmitted in any form or by any means, electronic or otherwise, without prior written permission from Knight Frank LLP for the specific form and content within which it appears. Each of the provisions set out in this notice shall only apply to the extent that any applicable laws permit. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934 and trades as Knight Frank. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. Any person described as a partner is a member, consultant or employee of Knight Frank LLP, not a partner in a partnership.

RESEARCH

Lauren HarwoodHead of Senior Living Research+44 20 7268 [email protected]

SENIOR LIVING

Tom Scaife Head of Senior Living +44 20 7861 5429 [email protected]

Peter Youngs Partner – Valuation & Advisory +44 20 7861 1656 [email protected]

HEALTHCARE

Julian Evans Head of Healthcare +44 20 7861 1147 [email protected]

RECENT MARKET-LEADING RESEARCH PUBLICATIONS

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Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs.

Front cover image: Gifford Lea, Tattenhall, Inspired Villages Group

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senior living - knight frank · private senior living market from the strong demographic landscape...

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