Blog
Retirement Property - The golden years
Wednesday, August 3, 2016
The over 65s are set to dominate household growth over the next two decades, according to forecasts from the Office for National Statistics. Data, based on population and demographic trends in 2014, found that households headed by an over 65 are projected to account for 74% of total household growth by 2039. By contrast, households headed by the 25 to 34 age group are decreasing. Households aged 85 and over are predicted to increase from 4.1% to 8.1% of all households over the period to 2039. So what does the future hold for these retirees? And what retirement property options exist?
According to Aviva’s recent Voice of New Retirement report, almost two thirds of today’s retirees feel their experience of retirement is better than expected. They report greater contentment with their finances, health, diet, exercise and time spent with family than those yet to retire. Planning ahead was a significant factor in enjoying a worry free retirement and 62% describe themselves as happy. Family and relationships were ranked highest in overall importance as a pillar of happiness although health and wellbeing become increasingly important throughout retirement.
Retirement is often seen as a new beginning, a chance to explore new avenues and achieve life goals but with a rising state pension age and increased life expectancy, retirement may start later and last longer than used to be the case. The concepts of choice and freedom to do whatever they choose underpin the happiness of many retirees. 79% feel in control and able to make their own decisions compared to just half of those yet to retire.
When it comes to property choices, 35% of those yet to retire plan to move in retirement with a move to “elsewhere in the UK” the most common relocation choice (39%). The majority (56%) said they would move to a smaller property with the seaside and countryside or “close to family” being popular choices. 36% of people say that owning their home outright is one of their main financial ambitions in retirement and two thirds of today’s retirees have achieved this ambition. In the past, property for over 65s tended to conjure up the somewhat depressing image of retirement homes with inherent loneliness and a requirement for increasing levels of medical care. In reality there are some very attractive options on offer with excellent, accessible facilities. There are over 10 m people aged 65 and over in the UK - an increasing number due to longevity and medical advances. So what are their property options?
Downsizing and still maintaining an asset that accrues value as a legacy for children is often a priority. This can often be achieved alongside a release of equity and the chance to supplement a pension, improve lifestyle or simply pay for care if required. Retirement properties are becoming increasingly attractive and some of the newer developments are now attracting residents as young as 55 with a range of health and leisure facilities and the benefits of added security.
Denham Garden Village is a case in point. This award winning development provides unrivalled facilities for the over 55s with onsite shop, bar/restaurant, snooker, village hall, library and GP surgery. There’s a health spa with fitness studio, gym, hairdressers, swimming pool, sauna, steam room and solarium. Communal grounds include 30 acres of private woodland, a village green and allocated parking while indoor courtyards and atrium spaces offer somewhere to relax and enjoy the views all year round. The 327 homes can be bought or rented and were designed to accommodate the needs of older people. Care services can be bought in if required and the aim is to keep people independent as they get older. A larger than average two bedroom ' Chess ' style property presented in exceptional decorative order throughout is currently available for £525,000.
Audley Retirement has launched a stunning new village near Chalfont St. Peter with 82 properties that reflect the traditional ' Arts & Crafts ' build character of the Chilterns. The village continues Audley's impeccable quality standards in a beautifully landscaped environment and with outstanding facilities including a swimming pool, restaurant and bar/bistro as well as lounge, library and hobbies room. A unique detached 2 bedroom cottage here with an ensuite off the master bedroom is on the market for £890,000.
McCarthy & Stone is renowned not only for its coveted 5 Star Customer Service but also for developments set in carefully selected locations. Blyton House is a stunning new retirement development designed and built to offer a range of spacious one and two bedroom Retirement Living apartments in the heart of Bourne End. For sale at £509,950 this luxury 2 bedroom, first floor apartment with underfloor heating, 24 hour emergency call system, club lounge and communal landscaped gardens is just a short level walk to the village shops.
Exclusively for those aged 55+, Cliveden Gages, Taplow lies within the grounds of the National Trust estate at Cliveden. During opening hours residents have unrestricted access to its stunning woodland, riverside walks and gardens. It is an extraordinary place to live with a very strong environmental agenda. Construction uses materials that are renewable, sustainable or recyclable and cause minimal harm to the environment. The properties offer superior energy and water efficiency as well as comfortable, healthy and flexible internal living space. Every home has cycle storage facilities to encourage bicycle use instead of car travel. It may not have the full range of leisure facilities of a retirement village but it’s certainly an attractive, ethical alternative. A delightful two bedroom, two bathroom first floor apartment here is on the market with our Burnham office for £599,950.
To see all the properties for sale and to let through The Frost Partnership see frostweb.co.uk or contact your local Frost office.
