Growing numbers of retirees are downsizing and renting in retirement
As UK property values continue to rise[i] more UK retirees are cashing in and downsizing to a rental apartment in a retirement community, according to My Future Living, the UK’s leading retirement rental brand.
New data from Zoopla[ii] shows that homeowners who purchased their property within the last twenty years are seeing an average increase of £80,000 in property value, with 60% seeing gains of £65,000 or more. Furthermore, a report from property firm TwentyCi[iii] highlights a 13% rise in homes being sold by people aged 66 and above compared to last year.
Joanne Couch, Managing Director at My Future Living said: “With many older people living in homes with a lot of equity it can make good financial sense to release capital to spend in their retirement rather than it sat in bricks and mortar. Downsizing to a home that fits their needs in later life and is easier to manage without the worries of ongoing maintenance can be a relief and bring lifestyle benefits as well as a sense of community.
“Living independently but as part of a retirement community gives people access to an active social life, and is an increasingly attractive option for retirees who decide to downsize. It offers financial flexibility, reduces costs, and enables people to live in a safe and secure place with a supportive network of people close by.”
Jean’s Story
One lady enjoying the social side of retirement living is Jean Wray, 77 years, who downsized to rent an apartment in Homeshore House, a retirement development in Seaford in East Sussex for a quieter way of life and to be close to the sea.
Jean comments: “Homeshore House is the perfect place to live, not only because the surroundings and gardens are immaculate with trees dotted everywhere but I’ve got the beautiful South Downs on one side and the sea on the other. Right outside the development is a bus stop which means I can easily get into Brighton and Eastbourne.
“I love being part of the community and helping get those who want to socialise to get out and about. We have a communal greenhouse where we grow and share all our produce with each other. It’s a lovely way to get out, keep busy and meet new people.”
When asked about renting in retirement, Jean adds: “We used to own a lovely house but maintaining it was getting harder. We also wanted to free up some money so we could help our son with a deposit for his own place. I now have a worry-free life and if something needs fixing its sorted very quickly which is great.”
Most developments have communal lounges, gardens, a lift, guest suites and an onsite manager, plus there is a 24-hour careline in the majority of apartments for out of hour’s emergencies. Many of My Future Living properties are available on long term assured tenancies.
For more information visit www.myfutureliving.co.uk.
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[i] https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/privaterentandhousepricesuk/october2024
[ii] https://www.zoopla.co.uk/press/releases/uk-homeowners-sitting-on-up-to-gbp80-000-in-property-value-gains/
[iii] https://www.telegraph.co.uk/money/property/buying-selling/great-british-downsize-has-finally-started/
