Home Property EscapeOverseas Property Brexit fears see retirees ditch resort retirements for Cornwall and the Isle of Wight

Brexit fears see retirees ditch resort retirements for Cornwall and the Isle of Wight

by LLP Reporter
19th Jul 19 11:17 am

New research from retirement specialist Hodge has found that Brexit uncertainty is leading to Brits trading foreign retirements for permanent staycations.

The research found that just one in 10 people aged 60 and over would consider retiring abroad, with nearly three quarters (74%) saying that Brexit uncertainty was a major factor in their decision to stay in Britain.

The research comes as an estimated 204,074 Brits aged 65+ live in EU countries, with Spain, Portugal and France currently ranking in the top destinations.

Specifically, concerns about healthcare (78%), ability for family and friends to regularly visit (73%), concerns about buying an overseas property (57%), pension security (52%) and tax implications (41%) were the biggest issues raised by those surveyed.

While 89% of people said they were planning on staying in the UK, just over a third (35%) said they were planning to move to another part of the country in retirement, with the Isle of Wight taking the top spot among retirees.

Other popular destinations included coastal locations such as Cornwall, Devon, Dorset and Pembrokeshire.

Top 10 UK retirement destinations:

Position Destination Percentage Average house price (Zoopla)
1 Isle of Wight 16% £255,558
2 Cornwall 14% £278,083
3= Devon 12% £297,921
3= Dorset 12% £345,340
4 Pembrokeshire 10% £201,801
6 West Sussex 9% £392,418
7 Oxfordshire 9% £442,698
8 Norfolk 7% £266,006
9 Cumbria 4% £205,710
10 East Sussex 3% £368,707

 

According to retirees, the top considerations when choosing a retirement town were a low crime rate (73%), good selection of local shops (79%), variety of pubs and restaurants (71%), access to a beach or the sea (69%), low volume of traffic  (63%), good phone signal and internet connectivity (58%) and an older population in the area (54%).

Matt Burton from Hodge said, “Planning for retirement can be a big undertaking, with a range of options to consider.

“While it’s easy to see the allure of a beach-bound retirement, our research found the vast majority of those around retirement age are instead opting to stay within the UK, due to a mixture of home comforts and Brexit uncertainty.

“That said, even those deciding to stay in Britain are still looking to flock to the beach, with all of the top five most popular retirement choices featuring coastal towns.

“Whether you’re considering an overseas move or just a trip down the road for your retirement, there are several options to finance your golden years including RIO mortgages, equity release, downsizing options and annuities. Retirement planning can be complex, so be sure to speak to an independent expert to find the right route for you.”

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