Mary Jones from Bath moved to McCarthy & Stone’s Lambrook Court development just down the road from her old home. ...Read more
When it comes to planning retirement, downsizing plays a large part in many people’s decision making. This is because it can be an excellent way to save money, pay off debts, lower your property maintenance and enhance your standard of living. Simply said, downsizing is a no-brainer for many people approaching their retirement.
However, our report, ‘Generation Stuck – The Downsizing Report’, indicates that many over 55-year olds in the UK are lacking options for smaller, more convenient homes. In fact, the report hints that a serious lack of supply of retirement properties means that the UK is running out of homes for its aging population.
The nationwide report, written by the International Longevity Centre – UK and surveyed by YouGov, revealed that one in three people (equating to 4.7 million people) are considering or expecting to consider downsizing. In this post we take a closer look at these unique findings.
The survey results show that the majority of people looking to immediately downsize were aged 65 to 75 years old. Those who are still working aged 55 to 64 were the most likely to consider downsizing in the future, while the majority of 65 to 75-year-olds had already downsized (19.8%).
For most people surveyed (56%), the prospect of having ‘less property maintenance’ had the most appeal for downsizing. Surprisingly, ‘having to pay fewer bills’ was less of an incentive, as it took joint place with ‘downsizing because the kids had flown the nest’, at 43%.
Being ‘able to release cash’ also proved to be a strong motivation to over 55-year olds looking to downsize.
According to the findings, the average equity that people were able to release by downsizing by one bedroom varied across the nation. The figure was £71,262 in London, £48,055 in the East of England and £28,405 in Yorkshire. The West and East Midlands average equity hit the £32,000 mark while the South East and South West achieved higher figures, £62,707 and £49,510 respectively.
Most people surveyed actually planned on using their equity to enhance their day-to-day life (30%). Others planned to give it to their family members either as a gift or inheritance, and a third of those who were aged 55 to 59 stated that they’d put it towards their pension.
Another popular option was to place it into a savings account (35%).
Surprisingly, people were less likely to use their equity release to buy big purchases (only 14% chose this option) or to reduce debt (only 10% admitted to this).
Interestingly, nearly 3 in 10 who had already downsized or were considering doing so, released in excess of £100,000 in equity.
Beyond the factual elements the statistics provide, the report shows that the UK has a real desire and need for retirement-focused properties that enable various levels of independent living.
Downsizing is on the rise for all types of buyers and ages, but for those over the age of 55, it’s important to find properties that can offer more services and facilities to improve their standard of living. What’s more, the findings suggest that the focus of the property markets shouldn’t be overly weighted towards starter homes and that there should be more focus on retirement developments and homes created for older generations.
This is especially relevant when we see that according to the market trends identified at the time of McCarthy & Stone’s research, it would take 20 years for housing supply to meet the demand of just half of people aged 60+ interested in downsizing. The hope is of course that action will be taken to support this, but the reality remains to be seen.
If you’d like to learn more about this, you can see the full report here.
Mary Jones from Bath moved to McCarthy & Stone’s Lambrook Court development just down the road from her old home. ...Read more
This July it’s ‘National Picnic Month’, so to give you a little inspiration for this we’ve explored everything you need to know about hosting the perfect summer picnic. ...Read more
A city of extraordinary cultural and historical wealth woven into every brick and beam, York seeps history at every turn. ...Read more
They may not seem the most likely champions in the digital counter- revolution but jigsaw puzzles are certainly playing their part. ...Read more
The summer season is packed with a variety of events to appeal to a range of interests and ages. Savour the delights of new and exciting cuisine, enjoy the thrill of world-class horse racing and discover the latest super cars, at events taking place across the summer months. ...Read more
Sparkling white beaches, deep blue seas, sugar-cube villages and venerable ancient sites make the
Greek islands an idyllic holiday destination for many. Tourists can immerse in the Greek cuisine,
century-old sites and local culture each island has to offer, while enjoy luxurious accommodation
and the locals’ warm and welcoming hospitality. ...Read more
2019’s summer fashion trends provide plenty of great options for retirees. Here, McCarthy & Stone provide a rundown of the very best. ...Read more
A McCarthy & Stone Retirement Living Plus apartment is about getting more from life for the over 70s. It’s the perfect combination really - company when you want it, help when you could use it, care when you need it. And all in the comfort of your own stylish new home. ...Read more
Retirement Living PLUS is all about making life easier. This includes providing a great value in-house restaurant or bistro, where you can enjoy freshly prepared food in good company. ...Read more
Father’s Day is the perfect time to thank fathers and father figures for their help and support. In this post, McCarthy & Stone look at the history of Father’s Day. ...Read more
We want to create retirement communities that enrich the quality of life for our customers and their families, and look to respond better to our customers’ evolving needs. ...Read more
Colin and Pat Mackay are looking forward to making the most of their retirement following their move to North Berwick....Read more
You don’t need an outdoor garden to have a green thumb! We speak to journalist and gardening expert, Jane Perrone, about the best plants for an indoor garden, providing useful tips for you to use in your retirement property. ...Read more
Are you ready to move somewhere smaller? We lend our expert advice and explain how to effectively downsize. ...Read more
There are many benefits of downsizing and if this is something you are considering, here, we share our knowledge about downsizing, and explain why it could be one of the best things you can do for your retirement. ...Read more
The world-famous RHS Chelsea Flower Show. It’s the most glamorous day out in the gardening calendar.
The grounds of the Royal Hospital Chelsea are once again blooming with flora as the Royal Horticultural Society prepares to welcome 157,000 spectators to their annual five-day flower festival in May. ...Read more
After her husband passed away in 2014, Sylvie Morgan decided to move from her home in Malmesbury to Paxton Court, Tenby, where she is enjoying an active social life, and has met many new friends! ...Read more
With summer just around the corner, why not start to plan some trips away to explore some of the
UK’s hidden gems? ...Read more
Last summer, we honoured eight inspirational over-60s whose impressive feats were changing the lives of the people around them. Our North London Inspirational Generation winner, Jean Hoare, was invited to an exclusive event thanks to her work. ...Read more
McCarthy & Stone have introduced a new range of rental and buying choices that can make retirement living even more accessible. ...Read more
Bettys Cookery School tutor Jenny Culver shares her favourite food moments and tells us why Bettys is still one of the UK's favourite places for afternoon tea, 100 years on. ...Read more
McCarthy & Stone has officially launched its charity partnership with Beanstalk, a national children’s literacy foundation. ...Read more
McCarthy & Stone have carried out a survey to determine the UK’s top 10 favourite pieces of ‘mums’ advice’. Read on to find out more. ...Read more
If you’re looking to book a holiday and need some inspiration, then take a look at our selection of some of the best UNESCO World Heritages Sites to help you plan what could be the trip of a lifetime. ...Read more
More and more people are choosing to put off their retirement and continue working. Plus, in many other cases, those who have already retired are looking to return to work. Here, we weigh up the pros and cons of each situation. ...Read more
eharmony’s relationship expert, Rachael Lloyd explains why online dating can be a great choice for anyone over 60. ...Read more
We understand the problem of loneliness amongst older people and we want to do something to combat it. That’s why we have created our latest Pen Pals programme, an outlet to connect older people with other older people in communities by the writing and exchanging of letters. Click to find out more. ...Read more
Friendship is hugely important at every stage in life, and retirement is no exception. What’s more, in retirement you could make the most of the extra free time you have to discover different experiences and meet new people – leading to new friendships and relationships. ...Read more
Earlier in 2018, Rightmove surveyed 21,000 people in a bid to find the happiest locations to live in the country. We take a look at the results. ...Read more
Rather than being a time to slow down, retirement can be a chance to try new experiences and become the best version of yourself. ...Read more
Looking back to Christmas memories from the 50s and 60s is a wonderful way to celebrate colourful childhoods and festive moments from a different era. ...Read more
Why should retirement stop you from trying a new passion? Angie and Edson Chace, prove that age is just a number with their newfound acting success. ...Read more
Famed for its industry and innovation, the green, modern cityscape now replaces the smoking chimneys from the industrial revolution. There’s a friendly, independent and alternative spirit that can be hard to find in other cities alongside a thriving cultural scene. ...Read more
Following the appointment of John Tonkiss, as McCarthy & Stone’s new Chief Executive Officer in September, we speak to him about his vision for the future.
Popular North Gate Court customer Wally Blazey moved into their McCarthy & Stone apartment with his wife Gladys seven months ago, and the couple have just celebrated their 72nd anniversary. At 92, Wally is one of the two last surviving drivers of the Flying Scotsman, the most famous steam locomotive in the world. ...Read more
We count down the UK’s favourite Christmas displays as voted by the public. ...Read more
2018 marks 100 years since the end of conflict – a year to remember the bravery of those who fought, lived and died in the First World War. ...Read more
The passing of a life-long partner is, of course, devastating and changes your life irrevocably. Regardless of how near they lived to you, or how resilient your character, a feeling of loneliness is inevitable following your loss. ...Read more
With darker days and cooler weather heading our way, there are plenty of interesting and exciting things you can do with your grandchildren this winter. ...Read more
Thinking of making the move to our lavish Asbhrae development? Discover a wealth of things to see and do in the local area. ...Read more
Plant containers are a space-saving option for the garden that's easier than working the soil. Leigh Hunt, Horticultural Advisor for the RHS tells us all that's needed to know about upcycling them. ...Read more
Marie Bird, who is 91 and a homeowner at Bilberry Place, Bromsgrove, Worcestershire, tells us how moving to a Retirement Living PLUS development has helped her achieve her ambition of living the retirement she always wanted....Read more
Property owners, Cecilia Smith and Jean Ryder, both 64 live at Charlotte Court, Ainsdale, Southport and Grove Court, Crosby, Merseyside. Here, they tell us why moving to a development has transformed their lives for the better....Read more
Stylish apartments, exclusively for retirees who are looking to enhance their lifestyle, are McCarthy & Stone’s trademark. Here’s what to expect from our property types on offer....Read more
As summer fades, England’s largest history and culture festival is back. This September, hundreds of historic monuments and buildings throughout England – including many usually closed to the public – will throw open their doors for free. ...Read more
Discover Inspirational Generation winner and former Olympian, Marjorie Carter’s inspiring story, with a sports career that spanned over 70 years and a refusal to ever give up gymnastics! ...Read more
Where are the best locations in the UK to visit... that you've probably not heard of? We've ranked the best hidden gems around Britain, that are easy to access, and offer a great weekend away with the family. ...Read more
Whether you're a pet owner or have a pet free home, animals of all kinds have been proven to improve the happiness of their human counterparts. To find out more McCarthy & Stone conducted a survey to see how pets enrich their owners lives. Here are the results! ...Read more
Helen Bostock, Senior Horticultural Advisor at The Royal Horticultural Society shares her advice on creating the perfect environment for butterflies, by making the most of your outside space no matter what its size. ...Read more
Summer has arrived and Wimbledon is right around the corner, so for all the tennis enthusiasts, we've got 5 surprising facts to get you right in the mood! ...Read more
Retiring to the seaside – isn’t that every person’s dream? We’ve ranked your ten favourite British seaside destinations in order of preference. ...Read more
Discover coastal properties for sale all around the UK and Ireland with McCarthy & Stone’s unique locations and luxury developments. ...Read more