Retirees looking for value property
House price inflation has given many retired people the option of selling up and moving and in turn, this has pushed up prices in favoured retirement areas – particularly Norfolk, the West Country and the Sussex coast.
Currently Southern England contains the UK's top three retirement hotspots - Christchurch, Rother and West Somerset - with almost a third of their population made up of men and women above retirement age, compared to a national average of just 19%.
However, the next wave of later-life havens is beginning to emerge north of the Watford Gap, in Yorkshire, Wales and the Midlands, according to a report by a group of investment companies, the Alliance Trust Research Centre.
Analysis of official population data, past and recent, found that around a generation ago (1971) the North West and North Wales held the highest concentrations of retirees, along with Sussex.
But the prospect of longer, healthier retired lives, coupled with property-fuelled personal wealth and looser family ties, has prompted a major migration of the old age population, which has also grown by nearly two million people since the early 1970s.
The study reveals that the biggest exodus of retirees currently stems from major UK cities, particularly London where there just 11% are above retirement age, but also Birmingham, Leeds, Manchester, Sheffield and Liverpool.
The majority of these retirees are choosing to sell their biggest asset - their home - and relocate to the countryside or near the coast, while a growing minority is retiring abroad.
The study also found that just half of all homes were owned in the 1970s, compared to seven out of ten homes these days, and much of the power behind the modern grey pound stems from gains from these property investments, as well as stockmarket growth.
However, house prices in today's retirement hotspots have recorded some of the largest rises in recent years, and the next wave of retirees are realising that to buy more for their money, they need to look further North than the current hotspots.
House price inflation has given many retired people the option of selling up and moving and in turn, this has pushed up prices in favoured retirement areas – particularly Norfolk, the West Country and the Sussex coast.
Currently Southern England contains the UK's top three retirement hotspots - Christchurch, Rother and West Somerset - with almost a third of their population made up of men and women above retirement age, compared to a national average of just 19%.
However, the next wave of later-life havens is beginning to emerge north of the Watford Gap, in Yorkshire, Wales and the Midlands, according to a report by a group of investment companies, the Alliance Trust Research Centre.
Analysis of official population data, past and recent, found that around a generation ago (1971) the North West and North Wales held the highest concentrations of retirees, along with Sussex.
But the prospect of longer, healthier retired lives, coupled with property-fuelled personal wealth and looser family ties, has prompted a major migration of the old age population, which has also grown by nearly two million people since the early 1970s.
The study reveals that the biggest exodus of retirees currently stems from major UK cities, particularly London where there just 11% are above retirement age, but also Birmingham, Leeds, Manchester, Sheffield and Liverpool.
The majority of these retirees are choosing to sell their biggest asset - their home - and relocate to the countryside or near the coast, while a growing minority is retiring abroad.
The study also found that just half of all homes were owned in the 1970s, compared to seven out of ten homes these days, and much of the power behind the modern grey pound stems from gains from these property investments, as well as stockmarket growth.
However, house prices in today's retirement hotspots have recorded some of the largest rises in recent years, and the next wave of retirees are realising that to buy more for their money, they need to look further North than the current hotspots.
posted by tony at 1:44 PM
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