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One in five last-time buyers would move to a retirement village

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03/08/2018
Security and a sense of community make retirement villages appealing to many older homeowners
One in five last-time buyers would move to a retirement village

Almost a fifth (18%) of last-time buyers would move to a retirement village, according to research by Legal & General.

In conjunction with Inspired Villages Group, the financial provider found that more than half a million people would be open to moving to a retirement village at some stage.

In fact, almost half (45%) of last-time buyers have already considered such a move for a lower maintenance lifestyle.

The idea of community appeals to 17%, while 13% said security was a big benefit.

Unsuitable housing

Nearly a third (29%) of last-time buyers said that their current property is no longer suitable, and 31% admitted their home is too big for them.

When people think about where to downsize to, 25% want to be near family and friends, and 24% want to stay in the same area that they are currently in.

But while half would stay within five miles of where they currently live, a significant 25% said that distance from current property location wouldn’t be an issue when downsizing.

Phil Bayliss, head of later living at Legal & General, said: “This report demonstrates an extraordinary opportunity in the later living sector. With only 7,000 units being delivered each year, the disparity between the current supply and potential scale of demand is significant.

“The huge health benefits demonstrated through providing appropriate housing, such as a 50% reduction in GP visits and 40% reduction in NHS spend, means that increasing the number of properties available to these buyers is the most efficient way to help solve the UK’s housing crisis and spiralling NHS costs linked to our ageing population.”

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