Top 10 reasons for buying retirement property in 2011
20 years ago the prime reason for downsizing or moving was to be closer to families and grandchildren whereas today’s generation of retired people are primarily moving to improve their own lifestyles.
In a recent survey, Pegasus has found that their buyers’ top 10 reasons for moving have changed. They have also found that the average age of their buyers has increased and they have often downsized once before to a bungalow or apartment before moving into a retirement property.
Pegasus’ new data shows that the primary reason older people choose specialist retirement property is because they want an almost zero maintenance home so that they can enjoy more leisure time. Their secondary motivation for buying is because they want to delay going to a care home.
The top 10 reasons given for buying a retirement property in 2011:
- Easy to run
- Want to move now to avoid going into care
- Closer to family
- Lower bills
- Like the area
- Lonely in current home
- Don’t want noisy neighbours
- Security
- Better lifestyle
- Releasing equity
Karen Roake, Pegasus sales and marketing director, explains: “Older people are more active for longer than in previous decades and they treasure their independence. Our top 10 list of reasons for moving has not changed dramatically, but the order that they appear on the list has definitely changed. This is the first year that “Easy to run” has topped the list.”
Also this year, Pegasus has seen considerable growth in the number of buyers coming on the advice of a family member such as a son or daughter.
Karen adds: “Last winter was particularly hard for those who usually visit an elderly relative once or twice a week but last year, because of the weather, were unable to do so. This caused considerable anxiety for both of them and because they do not want to repeat that stress, we are now seeing higher numbers of relatives helping the elderly generation move to a Pegasus property so that they can be more independent.”
The average age of Pegasus’ buyers is now 79 and just under half of all buyers buy their Pegasus property having downsized 5 - 10 years earlier to a bungalow but are now finding that the upkeep, location or neighbourhood are not conducive to their lifestyle.
Karen adds: “85% of buyers say that they wished they had bought their apartment 10 years earlier because could have saved so much money and had the benefit of an extra decade to enjoy this lifestyle.”
Mrs Lusted who recently moved to Calcot Priory – a Pegasus development near Reading - says: “The garden was getting a bit hard to manage in our old home, so my husband and I decided to look around at retirement apartments. We did our homework and looked at a few and finally decided to move into Calcot Priory. It’s one of the best decisions we have ever made and we are now enjoying a secure and happy lifestyle in very pleasant surroundings with very good company.”
There are Pegasus developments in some of Britain's loveliest towns, see www.pegasus-homes.co.uk for more information or call 0800 583 8844.
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Please contact: Joanna Lennon at TC Communications on 01344 622280 or joannal@tc-comms.co.uk
Notes for editors:
Pegasus Retirement Homes has 22 years of experience of building apartments for the active retired. Pegasus seeks to promote independence, security and a comfortable life in retirement. They currently have 19 developments with apartments for sale located in the Midlands, the South, South West, London and Wales. All the apartments are owner occupied. Please see the website www.pegasus-homes.co.uk for details on specific developments or for further corporate information.
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