For almost a year, specialist retirement builders have been crippled by fears that the Government would prevent it from charging ground rents, which has been critical to help it fund communal spaces at their developments, from which all residents benefit.
UK pensioners enjoyed a silver equity boom last year as the total value of their properties rose to a record £1.1trillion.
Retirement villages allow you to enjoy your later years in lovely surroundings, with often terrific facilities. But there may be a financial sting in the tail to consider too.
Retirement properties are in high demand in the UK. Fuelled by equity-rich seniors with a high disposable income and greater life expectancy, retirement developers are now having to up-spec their properties to capture this growing market.
Knight Frank has released its latest retirement housing report, revealing that the private retirement market is estimated to reach a value of £44bn by 2022, reflecting a 50 per cent increase.
The UK has an acknowledged housing problem for older people today. According to the Local Government Association, we need to increase the number of age-friendly homes by 400,000 in less than 20 years to cope with our ageing population.
New data has exposed that people, all over the globe, really don’t understand the basic concepts of investment and inflation indicating that the world is unprepared for retirement.
Developers must be encouraged to think creatively about providing types of housing that affords older people a healthy and desirable lifestyle.
In Australia, there there is not only a greater number of retirement properties available but also a greater choice of living options.