UK based Homewise who provide property related retirement solutions reveal the results of a survey aimed at the over sixties. The company conducted an online survey of 1,200 over-60s in a bid to identify the main reason why those at retirement age move home.
The survey showed that there are a number of factors that drive a decision to move house during retirement. 29% of respondents stated wanting to be nearer to friends and family as number one, suggesting that the old image of over-60s relocating to a retirement enclave has now been superseded by a desire to be closer to loved ones.
Mark Neal, managing director, Homewise“ It appears a growing number of over-60s want to retain independence by choosing not to move into sheltered housing and instead are thinking about selling their homes in order to be nearer to friends and family. However many encounter financial barriers to choosing a suitable property, preventing them from moving home,”
The survey also found that security was not a primary concern for the vast majority of respondents. Only 4% rated this as a key factor in taking the decision to move house during retirement, prioritising raising capital (19%), struggling to cope with an existing property (21%), and moving to a better location (28%), above fears over security.
Retiring abroad and especially to the sun is still an attractive option for those drawing a pension. Figures from the Institute for Public Policy Research show that 75,000 Britons receive pensions in Spain, while 34,000 payments are made each month to expatriates in Italy.
