Owning your retirement
8 Dec 2018
As older generations live longer and continue to enjoy themselves well into retirement, the country must continue to look at the level of supply of retirement homes on the market and ensure that we are keeping up with demand. Not only providing the necessary homes but ensuring that what is provided meets the needs of the modern retiree as more than half of current retirement homes were built more than 30 years ago.
Key Retirement, an equity release advisory, released a study recently which found that one in three homeowners aged 65 and over are considering downsizing in the next five years to a more suitable home for retirement. The study goes on to say that many of these retirees are struggling as they cannot find the right home at the right price.
When retirees are not able to find a home to move to, they remain in their current home which would otherwise be purchased by a family. Thus, the ramifications fall back all the way down the property ladder as would-be buyers are not able to upsize. The retirees also keep high levels of equity locked into their property which if released, could go towards a more comfortable retirement.
Throughout the UK there is a massive shortage of retirement homes with just 7,000 being delivered last year, making it the most under-supplied sector of the property market.
The majority of retirement homes in the UK are rented rather than owned which is at odds with the demands of the current generation who largely own their own homes already and would like to continue to do so. In other parts of the world such as the United States and Australia, people move to retirement homes at a younger age than in the UK and see them as an opportunity to enjoy the socialising and community aspects.
If you are considering downsizing or looking for the perfect retirement home to move in to don’t hesitate to get in touch and see how we can assist. Flat 19 25 Barnton Grove in Edinburgh could be just what you are looking for! This property is available to those over 70 looking to live in luxury surroundings within a designated retirement community.
If you or somebody you know is looking to purchase a home for their retirement, give us a call and we will gladly assist.