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bigger textHomewise survey reveals the motives behind moving
Lifetime lease provider to the over-60s Homewise, has today revealed that the key driver amongst retirees when it comes to moving home is to be nearer friends and family. The results come from an online survey of 1,200 over-60s currently considering moving home.
There are a number of factors that drive a decision to move house during retirement and 29% of respondents stated wanting to be nearer to friends and family as number one, suggesting that the old image of over-60s relocating to a retirement enclave has now been superseded by a desire to be closer to loved ones.
"It appears a growing number of over-60s want to retain independence by choosing not to move into sheltered housing and instead are thinking about selling their homes in order to be nearer to friends and family. However many encounter financial barriers to choosing a suitable property, preventing them from moving home," comments Mark Neal, managing director, Homewise. "A recent survey found that on average a British person will spend 275 minutes per week with TV families in soaps, but only 90 minutes in quality time with their real family. However, in the case of retirement age Britons at least, many are now taking steps to ensure that they can enjoy the company of the people that really mean something in their lives, in a property that is right for them."
The survey also found that security was not a primary concern for the vast majority of respondents. Only 4% rated this as a key factor in taking the decision to move house during retirement, prioritising raising capital (19%), struggling to cope with an existing property (21%), and moving to a better location (28%), above fears over security.
Neal continues, "We have helped thousands of over-60s move home and of course security is a concern but most prioritise the freedom to choose a property in a better location."
Mr and Mrs Bluck (both 75) chose to move closer to friends and family with the Homewise ‘Find and Afford' service, which enables retirees to move into a home for life (taking up a ‘lifetime lease' which means they don't have to pay rent or mortgage), at an average discount of around 40%. In the case of the Blucks they were able to get a discount of £40,950 on a £101,000 property in Paignton, Devon. This meant they could afford a property that perfectly suited their needs, in the area they wanted, and provided them with a handy lump sum from the sale of their previous home. They then gave half of this sum to their children and the other was kept to help raise their standard of living.
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