Retirement hotspots see demand spike for rental properties

According to data released from the Office for National Statistics, a quarter of us will be aged 65 years or over in 20 years’ time with West Somerset set to be crowned the most elderly part of the country.

Related topics:  Landlords
Warren Lewis
13th November 2018
Retired Downsize 376

Other areas such as West Dorset, North Norfolk and Rother in east Sussex are expected to have 40% over the age of 65 by 2037 – whereas parts of London and Manchester will only have between 10-13% over this age.

Gillian Girling, Chief Executive of Girlings Retirement Rentals comments, “We are an ageing nation and so it’s to be expected that many parts of the UK will have a greater number of over 65s, especially areas that are popular to retire to such as Somerset and Dorset.

However, 65 is no longer considered old and people on average will live a quarter of their lives retired. Moving somewhere new and vibrant with great facilities and amenities close by and access to a good social life to enjoy this stage of their lives is increasingly important for many. Growing numbers of this age group are now choosing to downsize and rent in these locations. Freeing up capital for the sale of a home, no longer having to worry about ongoing property maintenance and the assured (lifetime) tenancies we offer are the biggest benefits.

There are also social benefits as most retirement developments have communal areas and have regular events and outings going on. With rising numbers of older people living alone, a trend that is set to continue then the social factor of where people live will become increasingly important in the future."

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