There is a “huge opportunity” to build UK later living accommodation exclusively for the use of the LGBTQ+ community, according to data from Knight Frank.
The company analysed ONS and annual population survey data and found there were more than 68,415 people over the age of 65 living in the UK in 2021 who identified as LGBTQ+, yet there are currently only two schemes in the UK – offering 57 units in total – that provide LGBTQ+ affirmative housing for seniors.
Knight Frank said that even if only 5% of those who are aged 65 and over and identify as LGBTQ+ considered moving into dedicated LGBTQ+ later living housing, that equates to 3,421 individuals with a current provision of 57 units – creating a penetration rate of 1.7%.
Tom Scaife, head of seniors housing at Knight Frank said: “Current LGBTQ+ affirmative schemes have shown there is strong demand and a proven concept, so more supply should follow. Clearly there is currently a severe lack of dedicated provision, which suggests there is a huge opportunity for growth. As a result, we can be confident that investor appetite will likely increase in line with demand from residents.”
