Over the next 40 years, the number of people aged 65-79 in the UK will increase by a third, while those aged 80 and over — the fastest-growing segment of the population — will more than double, according to the Centre for Better Ageing.

With longer life expectancy comes a greater demand for ‘later living’ accommodation models. These models range from care homes to more independent living options. Knight Frank estimates that an additional 350,000 older people may need a care bed by 2050, almost doubling current demand, while the number of people with dementia (currently 982,000) is expected to rise to 1.4m by 2040, says the Alzheimer’s Society.

At the same time, seniors have more than £1.5tn in unmortgaged housing equity locked up in family homes and set to be released in the coming years, says Knight Frank.

As such, with recent changes in the NPPF, opportunities are emerging in this sector for experienced and well-funded developers who are keen to deliver a high-end, premium product that will deliver a ‘legacy’ type estate, sometimes heritage-led and will provide a secure source of income for generational-focussed investors.

This month, we consider one such case, at Grade I listed Gilling Castle in North Yorkshire, which will deliver a 35-apartment scheme with luxury dining, spa, wellness, tennis and indoor lounge and entertainment facilities.

Downsizing on a ‘grand’ scale
The enduring demand for properties within stately homes is in part because of the prestige that comes with owning one. It’s a chance to own a piece of history.