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Recent analysis by leading property agents, Savills found that the value of UK housing stock has hit a record high (increased by 2.7% to £7.29 trillion in 2018), but remains in older hands with more than £77 in every £100 of housing equity being held by the over 50s.
Nick Freeth, Managing Director of Retirement Homesearch, Britain’s number one retirement property specialist, says this picture can change but only if there is a concerted shift in focus from first-time buyers to last-time buyers.
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Wellness is a combination of physical, mental and social wellbeing, and the spaces we inhabit are key. Never has this been so true than in our retirement developments where we are dealing with a customer-base that typically spends a lot more time than your average home dweller behind the four walls they call home.
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Berkshire’s beloved market town, Wokingham, has topped a list of under-served areas in the latest issue of RHS Quarterly.
With the nation’s unfailing faith in bracing sea air and, conversely, the cost of land near major conurbations, some areas in the UK are now brimming over with retirement housing, while the country as a whole faces a desperate shortfall.
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Retirement Homesearch has produced a brief guide to planning for your needs in old age.
This follows evidence in their 2017 survey suggesting that we are still underestimating the need for care and support in our autumn years.
In the survey of 1,000 UK over-50s, ‘younger’ respondents (i.e. aged 50 to 59) consistently rated availability of care and medical services as a lower priority in choosing their retirement housing than older respondents.
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A survey conducted by YouGov on behalf of Retirement Homesearch shows that 19% of UK over-50s believe it is ‘likely’ that they will spend their autumn years in a purpose-built retirement community.
Yet such housing comprises just 2% of existing housing stock – meaning that a vast demand remains unfulfilled.
1,000 over-50s were asked first whether they were likely to move into a specialist retirement community, and then what factors were most important to them in deciding where to live in retirement.
If the results are taken as representative of the UK over-50s population, it would mean 4.5 million people competing for around 500,000 retirement homes.