A new joint venture between US investment management firm Heitman and luxury care home and retirement living developer Signature Senior Lifestyle hopes to capitalise on some of this demand.

The two companies have teamed up before in 2012, when their focus was on the South East. This time around they are looking to develop new retirement housing across Greater London.

Tony Smedley, managing director and head of European private equity at Heitman, says he is confident that focusing on London is the right decision, even though many other retirement living developers are turning away from the capital because of demanding affordable housing requirements.