Rising house prices promoting a wave of retirees to downsize and move to the coast

With Zoopla[i] recently reporting that house prices reached a record high in April 2022 but may be slowing down, more retirees are tempted to downsize according to retirement rental brand, My Future Living.

Dominic Stead, Property Director at My Future Living says they are seeing a rising number of enquiries from people interested in renting in retirement, with properties in coastal towns across the UK particularly popular.

He said, “The sun’s out and much of the UK is basking in a mini heatwave, which may have some older people thinking about relocating to the coast. Combine that with record house prices and COVID restrictions now lifted, it could be a good time to start planning a move.

“Over the past decade downsizing and renting in retirement has become more common as people realise it offers financial and social benefits. Freeing up capital in a home, no longer having to worry about maintenance and property upkeep costs, as well as living in a safe and sociable retirement community is appealing for many in their 60s, 70s and 80s.

“We’re expecting a busy summer as people that may have put off moving during the pandemic years, just decide to get on with it and move to their ideal dream location.”

One retiree who relocated to the coast from London is 77-year-old Dutch-born retired stockbroker, Diederik (Rik) Schmull, who now rents a two-bedroom apartment at Homecove House, a retirement development in Westcliff-On-Sea in Essex.

Having previously owned a flat, Rik was attracted to renting in a retirement community because it’s flexible, so he could quickly move back to Amsterdam if he wanted. He also has an assured tenancy which means that as long as he sticks to the terms of his agreement he can live there for as long as he wishes.

He says, “Having rented a few places on shorthold tenancies before moving here, I ended up having to move twice at fairly short notice. I didn’t want that to happen again, especially as I’m getting older. Having the security of tenure that I can stay as long as I want is really reassuring.”

Rik enjoys being part of a community and has made friends with people in the development. He never feels isolated or alone, and highly recommends renting in a retirement community.

“For me it’s worked out really well and I’m very happy. It’s all about independent living but with the reassurance there is help available should you need it,” he adds.

My Future Living currently has a one bedroom apartment in Homecove House, where Rik lives, from £950 per calendar month.  It’s on the fifth floor and has fantastic views overlooking the sea, gardens, and promenade. Other coastal properties are also available in Exeter in Devon, Christchurch in Dorset and Scarborough in North Yorkshire.

Homecourt House in Exeter is a lovely development just off the high street, with restaurants, shops and cultural attractions close, as well as being a short drive from the coast. A one bedroom apartment is available from £775 per calendar month.

Over in Dorset is Homechurch House a popular development in Christchurch, a town on the shores of its own harbour, close to the magnificent Dorset World Heritage Coast and the tranquil New Forest National Park. A one bedroom apartment is available from £925 per calendar month.

And in North Yorkshire, Hartford Court is a development in Scarborough ideally located close to local shops and amenities, and within walking distance of the seafront. Scarborough town centre is a mile away and is one of the largest resorts along the east coast of Britain. A one bedroom apartment is available from £775 per calendar month.

These purpose built retirement developments have a 24 hour careline system in each apartment and an onsite manager on duty. They have shared lounges and gardens to socialise in, plus events and activities are organised that people can join in with if they wish.

To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk

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