Care Market Insight 2024: Wales
In this blog post, Regional Director, Rob Kinsman shares insight into the current care market in Wales.
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2023 was a year of consolidation for the care market, with the majority of operators reporting that occupancy had returned to pre-pandemic levels. Deal volumes were robust, resulting in a 14% increase in completions in 2023 compared with 2022.
The demand for bed spaces remained high, particularly for dementia care places, and fee increases predominantly kept pace with inflation. However, wider cost pressures significantly impacted providers of smaller, converted care homes and this, unfortunately, increased the rate of care home closures at a time of great demand where build developments have not been keeping pace with closure rates.
To read the full article in Care Home Management magazine's May/June 2024 issue, click here.
For further insight on the care market in the UK, read Christie & Co’s ‘Business Outlook 2024’ report: christie.com/business-outlook-2024