Retirement Homesearch Q1 2016 Review
- Retirement Homesearch Q1 2016 Review finds retirement home sales rose 11% despite 18% fewer viewings than Q1 2015.
- Warning as a quarter of retirees now wait until they are 80 to downsize, many retirement homes not designed to meet their care needs.
- Retirement Homesearch calls for more information on options to be made available to downsizers.
The first quarter of 2016 saw an uplift in retirement housing sales, according to the latest quarterly review from Retirement Homesearch, the UK’s leading retirement property specialist.
Despite fewer viewings and enquiries than the same time last year, Retirement Homesearch bucked the trend to record a 11% rise in sales. This despite 18% fewer viewing in Q1 2015. The rise in sales was thought to be fuelled by buyers rushing to complete deals ahead of the stamp duty tax changes, which came into force on 31st March. However, Retirement Homesearch anticipates a “re-adjustment” as the market returns to a more regular pace.
In addition to market figures, the Retirement Homesearch Quarterly Review also reports on trends being witnessed among the downsizing generation. This latest review reported that as half of Britons will wait until they are 70 before they downsize and a quarter will wait until they are 80 , care needs for downsizers are becoming more complex than many retirement developments are able to meet.
Nick Freeth, Managing Director, Retirement Homesearch says: “Many retirees and their families don’t understand the difference between independent living, assisted living and care homes. Often the first two are mistaken for the latter, which can have dire consequences as many are not set-up to deal with the same intensive needs or requirement as a care-home.”
Retirement Homesearch, in conjunction with the Elderly Accommodation Counsel, is calling for the industry to do more to make sure the right information is provided to downsizers at the point of sale to ensure that all residents end up with the right level of care needed.
Nick Freeth adds: “We believe that the industry – from retirement developers, managers, care-home providers and more – should come together to explore options to ‘future proof’ retirement living. With an ageing society we need to act now and plan for the future.”
Click here to view the Quarter 1 2016 review.