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bigger textThe home stretch - affordability tops retirement concerns
THE HOME STRETCH - AFFORDABILITY TOPS
RETIREMENT CONCERNS
2 bedroom bungalows prove to be most popular property choice, reveals Homewise
Brighton, 30 July, 2007 - Affording their retirement is the biggest concern for retirees, according to research launched today by Homewise, lifetime lease provider to the over-60s. The results come from a survey of visitors to the recent Retirement Show at Olympia, London.
Respondents to the survey cited a number of concerns around their retirement, with affordability emerging as the main concern for 39%. Specifically, they were worried about being able to maintain or improve on their standard of living. This is no surprise when you consider that according to the Department of Work & Pensions, the average annual disposable income of a single pensioner was just £9,256 in 2005/2006 . This might explain why downsizing, which they hope could free up surplus cash, was chosen as the most popular reason for moving by one in three.
Findings suggest that the typical retiree is looking for a 2 bedroom bungalow outside London, with Sussex identified as the most popular retirement haven. Whilst prices for this type of property start at £210,000, Homewise customers can achieve on average 40% discount on this through Find & Afford. The lifetime lease offered through Find & Afford would mean that a one off payment of £126,000 would entitle the customer to live there for the rest of their life, without paying rent or a mortgage.
When asked what was preventing them from moving home, the most common factors were the hassle of moving (27%) and the finances required (19%). These are common concerns, and just two reasons why Homewise developed Find & Afford, which takes away the stress of moving home and makes the move more affordable through a discounted lifetime lease to over 60s.
"Moving home is widely regarded as one of the most stressful things you can do in life, and it stands to reason that this hassle is compounded as we get older, " comments Mark Neal, managing director, Homewise. "Whilst over 60s are put off by this hassle, there is still a strong desire to find the perfect property in which to enjoy their retirement. Homewise has developed Find & Afford to address this issue, as well as concerns around affordability, in order to help our customers enjoy their well earned retirement."
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