UK Retirement Home Demand in Decline Due To EU Vote

UK Retirement Home demand has fallen according to figures released for the second quarter of the year with the EU referendum being blamed for the slow down.

In the UK numbers fell by 20pc compared to the first quarter to 4,744 which is a decline of 30pc down on the number of people who registered for a UK Retirement Home on the previous year.
Managing director of Retirement Homesearch Nick Freeth said;

“Uncertainty around the referendum may have caused many downsizers to sit on their hands until after 24 June, but the outcome could mean a further delay in decisions, as markets fluctuate and affect pensions, which will have a knock-on effect on Britons’ retirement plans.”

“However, with six million older Britons now living in houses with two or more excess bedrooms, downsizing could help retirees free up capital, reduce the cost of running large properties and move to homes better suited to their needs.”

“As experts in retirement housing, we know that having access to specialist advice is especially important in the post-Brexit landscape where it is essential to minimise uncertainty.”

“By ensuring downsizers get the guidance they need, they can begin to look forward to a new home, as well as a new lifestyle.”

While the data from Retirement Homesearch that demand was down it also showed that the number of property viewings had remained steady on first quarter numbers, showing that registered buyers are still actively looking to downsize.

Other recent studies have shown that under occupancy among the older generation is now a widespread issue with six million people living in houses with two or more excess bedrooms.

Over the past ten years the UK has seen a significant increase in the number and age of people living alone with an estimated 300,000 65 to 74 year olds living alone.