Retirement villages are an increasingly popular option for ‘Last Time Buyers’ – according to new research from Inspired Villages Group (IVG), an operator and developer of later living accommodation and partner of FTSE100 financial services group Legal & General. The Last Time Buyers research programme, delivered in conjunction with economics consultancy Cebr, revealed the following:
- More than half a million Last Time Buyers would be open to moving to a retirement village at some stage
- 18% of last time buyers said that they would be willing move to retirement housing or a retirement village in the future
- 45% of those who have considered moving to retirement housing or village think it would offer them a lower maintenance lifestyle
- 17% like the idea of community
- 13% cited security as a benefit
More broadly, in terms of the biggest motivators to moving house, nearly a third (29%) said that their current property is no longer suitable, and 31% stated that their property is too big for them. Cebr forecasts that there could be over 3 million potential last time buyers in Great Britain in 2018, of whom more than half a million would be open to moving to a retirement village at some stage, pointing to increasing demand for specialist solutions for retirement living.
Jamie Bunce, CEO, Inspired Villages Group adds: “It’s fantastic to see that more ‘Last Time Buyers’ are considering retirement villages when they search for their dream home for later living. Our ambitious growth plans will deliver unique later living communities focusing on the activation of our residents; socially, mentally and physically. With around 1.2 million chronically lonely older people in the UK and half a million older people going at least five or six days a week without seeing or speaking to anyone at all our communities can play an important role in tackling this loneliness epidemic in the UK.”