Retiring by the sea is still the top wish for retirees
Posted on: 09 July 2018 by Peter Girling
Coastal areas are the most popular destination for UK retirees but for some the dream to live by the sea can be shattered because of high property prices. Renting in retirement can be the solution.
Coastal areas are still the most popular destination for UK retirees, with the most recent figures from the Office of National Statistics[i] suggesting many Brits retire to the south, south-west and East Anglian coasts.
This fits with our experience at Girlings Retirement Rentals as we are seeing increased enquiries about coastal properties. To meet demand, we have purchased more retirement properties in coastal towns, offering people a wider choice of areas to retire across the UK.
Coastal towns are always popular with our tenants, many of whom have held a life-long ambition to live by the sea. Retirement can give them a reason to move somewhere different, make a fresh start and enjoy this new phase of life.
However, for some the dream to live by the sea can be shattered because of the high property prices in the most popular southern coastal towns.
A Halifax[ii] survey earlier this year revealed that Bournemouth and Brighton on the south coast, were in the top three towns and cities to see the biggest house price rises in 2017 – with 11% growth each.
Other UK coastal towns were amongst the top 20 performers for house price gains, including Exeter (9.1%) and Swansea (7.7%). With soaring property prices many retired people are priced out of these areas, however, renting can be a solution.
Many older people are choosing to sell their family home and downsize to a retirement property yet to rent instead of buying, particularly if they can rent on an assured or lifetime tenancy, as this type of tenancy allows them to remain as long as they wish. Renting can offer a more viable financial option to realise their dream of living by the sea.
Downsizing and renting can free up capital, which can be used to help fund retirement or invested. With renting people don’t need to worry about property maintenance or unforeseen repair costs. We offer many wonderful apartments to rent on assured tenancies in purpose-built retirement properties close to the sea.
All rents include service charges and property maintenance, plus the developments have a resident’s lounge and communal gardens, 24-hour emergency call system in each apartment and a development manager.
For more information visit: www.girlings.co.uk