'Perfect storm' for agents involved in retirement housing sales

The retirement housing sector has increased its market share considerably in the last two years, creating a 'perfect storm' for estate agents involved in the sale of these properties.

This is according to property chain management tool View My Chain, which calculates that retirement housing sales have increased their market share by 39% between Q1 2016 and Q1 2018.

Homewise, which has a property stock representing 83% of all retirement listings, confirms the boom - reporting a 45% increase in its total property market share during the same period.

Chief executive of View My Chain, Sohail Rashid, says that a rise in the number of age-restricted homes as well as more discounted new builds have provided opportunities for agents working in the retirement housing sector.

He says that the sector is booming due to a generation of retiring baby boomers who have acquired mass wealth through habitual saving and regular property price increases.

Philip Hulme, head of sales and marketing at Anchor, which specialises in retirement properties, says there has been a 'massive surge' in demand for retirement properties.

He says his firm's market share increased by 74% in 2017 and is forecasting further improvement this year. 

"Retired baby boomers are cash and asset rich, are looking to downsize, sometimes have a pressing need to move and rarely have any dependents to care for," continues Rashid.

"This is a big opportunity for the agents involved [in the retirement housing market]."

View My Chain launched in 2016 and has since tracked, analysed and reported on over 500,000 property transactions.

Estate Agent Today editor Graham Norwood recently caught up with Sohail Rashid at FUTURE: PropTech 2018.