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Wednesday, August 13, 2014

Retirement villages for the elderly helping to deliver high quality of life

The sellout success of almost every new launch is testament to that. In reality, it is probably time for the Government to listen to calls from the industry for new, more flexible planning rules when it comes to retirement properties.
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After all, purpose-built new retirement villages, often with care homes at their centre, not only help to relieve local authorities of some of the demands placed on them by an ageing population but also free up much-needed family homes. Average life expectancy in the UK has risen to 78.7 years for men and 82.6 years for women, according to the Office for National Statistics.
Many of these older people are stuck in oversized, unmanageable homes that they would dearly like to sell if they could find somewhere suitable to live. The idea is that retirees swap older, high-maintenance homes with oversized gardens for hassle-free, modern architecture, giving them an easy life with concierges and care facilities on hand. The new generation of retirement village developers is addressing just this need.
One example is Wadswick Green, a contemporary retirement village in the heart of the Wiltshire countryside which will provide some reasonably affordable units as well as aspiration new homes for the over-60s. Prices start at £290,000. In what is a new departure for the market, these homes are also being aimed at a younger generation of 40 and 50-year-olds who, as of next April, will be able to control their pensions instead of having to buy an annuity.
It is expected that a good number of such people will opt for a buy-to-let property to supplement or even provide their pension. So why not a retirement home? There is a good rental market for them and, as Wadswick Green developer Rangeford Holdings suggests, investors may even eventually move into their investment property. 
Peter Ford, chairman of Rangeford Holdings, said: “Older people are likely to be investing in property with their newly freed-up annuity cash following the Government’s recent reform and Wadswick Green is providing them with an opportunity to take stock of their changing living requirements and move to a stunning location and have a high quality of life.
“We expect interest from the baby boomer generation who own 40 per cent of the £2.5trillion tied-up in property.”

1 comment:

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