Demand is set to rise for private rental properties in retirement hotspots across the country, according to analysis of Office for National Statistics (ONS) figures by Girlings Retirement Rentals.
According to the ONS, a quarter of the UK population will be aged 65 or over in 20 years’ time, with West Somerset set to be the most elderly part of the country, at 44% of the total population by 2037.
Other areas, such as West Dorset, North Norfolk and Rother, East Sussex, are expected to have 40% of the population aged 65 or over by 2037. Meanwhile, parts of London and Manchester will only have between 10-13% at this age.
Gillian Girling, the Chief Executive of Girlings Retirement Rentals, comments: “We are an ageing nation and so it’s to be expected that many parts of the UK will have a greater number of over 65s, especially areas that are popular to retire to, such as Somerset and Dorset.
“However, 65 is no longer considered old and people on average will live a quarter of their lives retired. Moving somewhere new and vibrant with great facilities and amenities close by, and access to a good social life to enjoy this stage of their lives is increasingly important for many.”
She explains what this means for these retirement hotspots: “Growing numbers of this age group are now choosing to downsize and rent in these locations. Freeing up capital for the sale of a home, no longer having to worry about ongoing property maintenance and the assured (lifetime) tenancies we offer are the biggest benefits.
“There are also social benefits, as most retirement developments have communal areas, and have regular events and outings going on. With rising numbers of older people living alone, a trend that is set to continue, then the social factor of where people live will become increasingly important in the future.”
Landlords, have you considered investing specifically in properties in retirement hotspots?