The increasing age of RTM directors
The average age of an RTM director has increased by x years over the past z years. If things were to continue at this same rate the average age by 2040 will be over 70 years old.
Average age of an RTM director since 2004
The averge age of an RTM director has been rising steadly since 2004. There has been some variability - particularly prior to and following the financial crash.
By going further into the numbers, we can see that this trend is made from two componenets.
The average age of new RTM directors per year since 2003
The average age of directors of building who first took out an RTM in 2003
By analyzing this in a bit more detail we can see two changes happening:
The average age of a new RTM director is variable but increasing
The average age of an RTM director of an existing building is increasing
New RTMs are agreed every year at an ever increasing rate[link to page]. On average, each year a new director will be x years older.
More clearly seen is how the average age for existing buildings is steadily increasing - this is despite a reasonable amount of churn (of x %) on average in each building. Indicating that buidings with older RTM arrangements will tend to have older directors.
How this reflects the wider society trends
This trends reflect that both of an aging population in the UK and the increasing age of first-time buyers.
What the numbers show is that this effect is even more exaggerated within apartment blocks and leasehold estates.
If these trends are set to continue – there are a number of long-term consequences:
- Facilities must be changed and upgraded – as decision makers age, these will be increasingly prioritised and block managers will be required to supply these
- Owner-occupiers are required to move out
- Legal issues between family and friends – as the owners move out, those making decisions about the buildings may not be legally responsible
- Increasingly rented – will have to work with even more investors
We use a number of data sets generated from our operations and public records in order to create initial estimates and verify our analysis. If you would like to discuss this further, please get in touch at . . .