As the UK's aging population continues to rise, more homeowners aged over 55 are looking to downsize for their retirement. With the benefits of less expense and more convenience, there is no wonder that almost half of this market is ready to downsize.
Currently, the UK has around 2.8 million vacant bedrooms in older people’s homes and almost £1 trillion worth of housing in the UK is underoccupied by this market alone. Whilst many over-55 homeowners wish to move down the property ladder to help fund their children climb up the property ladder, the rapidly growing aging population will leave the UK with an inadequate level of suitable housing for older people.
There is a large untapped market for retirees looking to downsize but as it stands there is a lack of suitable properties with only 13% of this group being able to downsize. Almost a quarter of the over-55’s market would consider moving in to purpose-built retirement homes, though only 2.6 percent of current housing in the UK is classed as retirement housing.
If you are in the market to downsize your property for retirement or are just curious as to whether a downsize should be considered for your financial situation, Wellway is here to advise you.
At Wellway we can offer advice and guidance on how to best plan for your retirement with our comprehensive financial planning services. With healthcare developing rapidly and the rate of life expectancy growing, your retirement could last twenty to thirty years, therefore planning for the future is crucial.
Wellway believes that the three keys to successful retirement planning are:
1. Plan well ahead – It is never too early to start retirement planning. The earlier you start the greater your chances of achieving your objectives
2. Understand the options available. It is especially important to be aware of the wide range of options available and which combination would be most appropriate for your personal circumstances. Wellway provide a bespoke financial planning service that helps you to see every detail of the bigger picture.
3. Seek professional advice – This a very complex and continuously changing area, and we strongly recommend you seek skilled, professional advice at every step.
Our professional team can help you draw up and implement a comprehensive retirement strategy – giving you peace of mind to enjoy life to the full, now and into the future.
Contact us today to discuss how we can help you plan effectively for your retirement. Please visit the website at www.wellway.uk.com or call 01670 514 433.
