22 June 2024

Summer prompts a move to the coast for Britain’s retirees keen to downsize and rent in a retirement community

Longer and lighter days make summer the perfect time for Britain’s retirees to embark on their dream of coastal living. My Future Living, the UK’s leading retirement rentals brand, is encouraging retirees considering downsizing and renting in a retirement community to explore the benefits of coastal living.

Recent data from Pegasus highlights a shift in attitudes towards downsizing, with those aged 55-65 most inclined to downsize (88%), compared to 8% of those aged 66-75[i]. Additionally, research by the Pensions Policy Institute (PPI) suggests that the number of pensioners renting could double by 2041[ii]. These trends indicate a growing interest among older people in downsizing and renting in retirement.

Moving to the coast offers many health benefits, including improved mental wellbeing[iii], increased physical activity, and a higher quality of life. According to data from the Centre for Ageing Better[iv], in some coastal local authority areas, one in three people are aged 65 and over, highlighting the popularity of living by the sea among retirees

My Future Living provides quality, affordable rental apartments in some of the UK’s most desirable coastal towns. Downsizing and renting can free up capital and mean people no longer need to worry about ongoing property maintenance. Renting also offers an affordable way to move to popular seaside resorts that may be expensive to buy in.

One retiree who relocated to the coast from London is Dutch-born retired stockbroker, Diederik (Rik) Schmull who is in his late seventies and rents a two-bedroom apartment at Homecove House, a retirement development in Westcliff-On-Sea in Essex.

Having previously owned a flat, Rik was attracted to renting in a retirement community because it’s flexible, so he could quickly move back to Amsterdam if he wanted. He also has an assured tenancy which means that as long as he sticks to the terms of his agreement he can live there for as long as he wishes.

He says, “Having rented a few places on shorthold tenancies before moving here, I ended up having to move twice at fairly short notice. I didn’t want that to happen again, especially as I’m getting older. Having the security of tenure that I can stay as long as I want is really reassuring.”

Rik enjoys being part of a community and has made friends with people in the development. He never feels isolated or alone, and highly recommends renting in a retirement community.

“For me it’s worked out really well and I’m very happy. It’s all about independent living but with the reassurance there is help available should you need it,” he adds.

My Future Living currently has several coastal rental apartments available in friendly retirement communities:

  • Chapel Court, Filey: A one-bedroom apartment for £725 per calendar month. Filey in North Yorkshire is a popular resort with bus and rail links, making York, Scarborough, Whitby, and Bridlington also easily accessible.
  • Homeprior House, Monkseaton: A one-bedroom apartment in Monkseaton, North Tyneside for £750 per calendar month. Monkseaton is a delightful coastal village with convenient access to Whitley Bay billed as the best beach to drive to in the UK[v].
  • Restharrow, Bournemouth: A one-bedroom apartment close to the train station for £900 per calendar month. Bournemouth boasts miles of sandy beaches, a large shopping centre, numerous entertainment facilities, and beautiful public gardens.

    Flat 16, Rose Court, Gloucester Road, Littlehampton, BN17 7EL
  • Rose Court, Littlehampton: A one-bedroom apartment for £975 per calendar month. Littlehampton offers access to unspoilt Sussex countryside and long expanses of beautiful coastline and sandy beaches.

These retirement developments offer communal lounges where residents can enjoy coffee mornings and other events, maintained communal gardens, a lift, guest suite and the security of the onsite manager, plus a 24-hour careline for out of hours emergencies. Most My Future Living properties are available on long term assured tenancies.

For more information about My Future Living, please visit www.myfutureliving.co.uk.

 

 

References

[i] https://thenegotiator.co.uk/news/stamp-duty-costs-drive-downsizing-dilemma-for-over-55s/

[ii] https://www.telegraph.co.uk/money/retirement/number-pensioners-renting-property-retirement-double-2041/#:~:text=By%20the%20year%202041%20there,Pensions%20Policy%20Institute%20(PPI).

[iii] https://news-archive.exeter.ac.uk/featurednews/title_754908_en.html

[iv] https://ageing-better.org.uk/our-ageing-population-state-ageing-2023-4

[v] https://www.chroniclelive.co.uk/news/north-east-news/best-beach-drive-uk-revealed-21221166