Why 2022 could be the year to downsize and rent in a retirement community
All Saints Court Market Weighton
Halifax building society has reported that house price growth is at a 17 year high[i]. For retired homeowners that have put off moving over the past two years due to the pandemic, it might be the ideal time to sell.
Nygel Scourfield, Chief Executive of retirement rentals brand My Future Living, says increasing numbers of older people are looking to live in a retirement community in later life and many are homeowners who decide they want to downsize and release capital.
In fact, estate agency, Knight Frank predicts the number of private senior-living rental properties in the UK will increase by 160 per cent in the next five years, from almost 5,000 to more than 13,000 by 2024[ii]. Paragon Bank[iii] also found there has been a 118% surge in 55 to 64 years-olds renting and a 93% rise in those over 65 renting over the past decade.
Scourfield said: “Downsizing to a rental property in a retirement development can make financial sense. Benefits include releasing capital which can be spent enjoying retirement, no longer worrying about the upkeep and maintenance of a home, as this is included in the rent and living in a sociable community. People can avoid stamp duty costs too.
“Most of our tenancies are assured or ‘lifetime’ tenancies. For someone that has always owned their home this type of tenure gives peace of mind they won’t have to move at the whim of a landlord – something that often puts people off renting in the private rented sector where these tenancies are rare.
“Renting in a retirement development enables people to live in a property specifically designed for older people. Retirement apartments are all about independent living, but with the security of having an emergency Careline cord or button, plus an onsite development manager on site during the day. Most have lifts too which can make accessing the apartment easier.”
My Future Living has a range of retirement properties to rent in developments throughout the UK including a two-bedroom apartment in All Saints Court, ideally situated behind the high street in the thriving market town of Market Weighton in Yorkshire. The rent is from £725 per calendar month (pcm) on either a shorthold tenancy or assured ‘lifetime’ tenancy.
In Cheltenham, My Future Living has a one-bedroom apartment at Mercian Court, Park Place – one of Cheltenham’s finest locations. This development is in strolling distance of the cosmopolitan lifestyle on offer in Cheltenham’s centre. The rent is from £650 per calendar month (pcm) on either a shorthold tenancy or assured ‘lifetime’ tenancy.
For those who prefer coastal living, there is a one-bedroom apartment at Homechase House in Birkdale, a quiet town on the Merseyside coast, two miles from Southport with its famous Victorian shopping street and promenade. The rent is from £750 per calendar month (pcm) on either a shorthold tenancy or assured ‘lifetime’ tenancy.
All rents include services and maintenance. The apartments have an emergency Careline cord or button, plus an onsite development manager on site during the day. The developments have communal areas, plus events, activities and outings are often organised which people can join in with if they wish.
To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk
[i] https://news.sky.com/story/house-prices-rise-9-8-but-set-to-slow-considerably-this-year-says-halifax-12510702
[ii] https://www.knightfrank.com/research/article/2020-09-07-rental-options-for-seniors-housing-set-to-more-than-double-in-five-years#:~:text=Covid%2D19%20Economics-,UK%20rental%20seniors%20housing%20to%20increase%20by%20160%25%20in%20next,more%20than%2013%2C000%20by%202024.
[iii] https://www.thisismoney.co.uk/money/buytolet/article-8884541/Number-retired-renters-doubles-decade.html
