Embracing a New Chapter: Why Buyers Are Seeking a Lifestyle Over Amenities in Retirement Villages
The Shift to Lifestyle-Oriented Living
In recent years, a notable shift has emerged in the priorities of individuals over 55 when considering a move to a retirement or later living village. It's no longer just about finding a building with an array of amenities; instead, the focus has turned to embracing a lifestyle that promises community, fulfilment, and peace of mind.
The Emotional Journey
For many over-55s, the decision to leave a family home filled with decades of memories is one of the most significant emotional challenges they will face. The buying journey for a retirement property is inherently more complex than a standard property transaction. It involves overcoming the sentimental attachment to the family home and the fear of starting afresh in a new environment.
This transition requires time, patience, and understanding. Interestingly, the buying process for older adults tends to be more meticulous. While younger buyers might make decisions quickly due to urgency or market pressure, older buyers are more deliberate. On average, people over 55 might view a property three to four times before making a decision. In contrast, younger buyers often decide after one or two viewings, especially in fast-moving markets
The Market Impact
The over-55 demographic owns a significant portion of the UK housing market. According to recent data, a substantial percentage of UK homes are owned by individuals in this age group. If more retirement housing options were available, it could potentially release a considerable number of homes back into the market. This influx could alleviate some of the current housing shortages and provide more opportunities for younger families to purchase homes.
A study by the Centre for Ageing Better highlights that approximately one-third of homes in England are owned by those aged 65 and over. This statistic underscores the potential impact that increasing retirement housing availability could have on the broader housing market.
Finding the Right Fit
For those considering the transition to a retirement or later living village, it's crucial to approach the journey with a clear understanding of personal needs and desires. Engaging with current residents, attending open days, and spending time in the community can provide invaluable insights. This hands-on approach helps ensure that the chosen community aligns with the lifestyle aspirations of the prospective buyers.
In conclusion, the move to a retirement or later living village is about much more than the physical structure—it's about finding a supportive, enriching environment that fosters a high quality of life. As the market for retirement housing continues to grow, it holds the promise of not only benefiting those moving in but also contributing to the overall health of the housing market by freeing up homes for younger generations.
Sources:
Centre for Ageing Better. (2020). Home and Dry: The need for decent homes in later life.
Office for National Statistics (ONS). (2021). UK Housing and Age Demographics.
Housing LIN. (2021). Later Living Market Analysis.