"Retirement homes and communities have become an increasingly popular options when looking to maintain a social life while also maintaining a level of independence"
The latest research by property purchasing specialist, House Buyer Bureau, has shown that while demand is high for retirement community homes across many areas of Britain, silver downsizers face fierce competition in securing one as stock levels are limited.
Retirement communities are usually reserved for people over the age of 55-60 and are designed for people who want to continue living independently but be close to others of a similar age and have assistance nearby if required.
House Buyer Bureau looked at the current demand for retirement community homes based on the number of available properties listed for sale that are already marked as under offer or sold subject to contract.
The research shows that across Britain, there are currently 672,375 total properties available for sale. Retirement community homes accounted for 24,912 of these, which is equivalent to just 3.7% of the total market stock.
Of these retirement listings, 8,080 are already under offer or SSTC, which means retirement homebuyer demand sits at 32.4% in the current market.
Demand is at its highest in Scotland where 51% of all retirement listings are SSTC or under offer. However, alongside this highest rate of demand, Scotland also has the lowest stock of all British regions with retirement community homes accounting for just 1.9% of total homes listed.
Demand is also above the national average in the North West (38.8%), Wales (35.8%), East of England (35.5%), Yorkshire & Humber (34.9%), and the South West (34.5%). Although at 2.6% and 2.4% respectively, the North West and Wales are also home to some of the lowest levels of retirement community stock across Britain.
The lowest level of demand for retirement community homes is found in the North East (24.6%), followed by London (25.4%) and the South East (29%).
Despite this relatively low level of demand, the South East is also home to the healthiest level of stock, with retirement homes accounting for 6.2% of all current listings.
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
“In Great Britain, people are living longer and enjoying healthier, more independent lives in later life. As such, retirement homes and communities have become an increasingly popular options when looking to maintain a social life while also maintaining a level of independence.
"What’s more, downsizing the old family home and opting for a retirement community is a great way of reducing stress, not to mention the financial boost equity release can bring when doing so.
"It seems, however, that across large swathes of Britain, demand outweighs available stock when it comes to the availability of retirement community homes.
"This means that those considering a move from the regular bricks and mortar market into a retirement community may want to act sooner, rather than later, as selling their home quickly will allow them to maximise their chances of securing a suitable retirement property.”
