News

Motoring costs bring over-60s back to the town centre.

The high cost of petrol is attracting many fixed-income homeowners back into town, says McCarthy & Stone, Britain’s largest retirement housebuilder.

More pensioners are giving up their cars because of the crippling cost of petrol and car maintenance – bringing a boom in town-centre retirement housing where the shops and local amenities are within walking distance of home.

A survey by McCarthy & Stone shows that up to 50% of their residents hang up their ignition keys permanently within a year of moving to a purpose-built retirement flat.

Typically 18% sell their car around the time of moving and a further 26% give up before long. Add those who had already given up driving and it leaves only about one in six still wanting to keep a car.

Anyone driving less than 2,500 miles a year would be better off using taxis, McCarthy & Stone’s traffic consultants have calculated.

Low-mileage drivers spend more on fuel, tax, servicing, repairs, insurance and depreciation than it would cost to travel everywhere by cab. And for older people, having someone else to worry about the driving is a major attraction.

A combination of buses and taxes would be more economical for anyone covering up to 5,000 miles a year, the experts found. Above 5,000 miles car ownership is generally better value – but buyers of McCarthy & Stone retirement properties, typically aged 74, rarely cover higher mileages.

Keith Lovelock, Chief Executive said: “We have always tried to find conveniently-located sites for our new developments but over the last few years it has become imperative to build as close as

possible to shops and local facilities.

“Older people on a fixed income realise that moving to the town centre will wipe out the heavy standing costs of car ownership, allowing them to regulate their travelling expenses very precisely.

“Neighbours in a development also like to go out together. This means they can share a cab, reducing the fare to small change.

“The benefits of town centre living are not only felt by the residents. Small traders, who have been badly hit by out-of-town supermarkets, thrive on customers living nearby.”

McCarthy & Stone resident Mrs Jessie Harris, 78, sold her car the day she moved to her retirement flat. She had taken up driving when her husband died three years ago because she was living alone in a detached bungalow and needed a car to get to the shops.

Mrs Harris said: “I’ve saved money by not having to pay for the upkeep of the car. In fact I spend very little on taxis either because everything I need is so close and the buses are very good.”

Neighbour Mr Reg Sheridan, 83, added: “If I still had my car I’d walk anyway. It’s good for you. I’m at no disadvantage not having a car.”

Mrs Marion Barnard, 76, is another convert to life without wheels. “To be honest, I don’t think I’d like driving round the busy roads in town. I can manage quite well without that!”

When Mrs Jay Roseby moved her McCarthy & Stone retirement flat, she realised there was no point keeping her car and gave it to her daughter.

“I didn’t mind driving but I don’t miss it either, because everything I need for day-to-day life is close by.”

McCarthy & Stone provides around two-thirds of Britain’s private retirement properties and is current medium-sized British Housebuilder of the Year.