Retirement property is bucking the national trend, with sales climbing 3.8% during May, according to Retirement Homesearch.
While the housing market has seen a significant downturn in recent months, with both Nationwide and Halifax reporting price falls of 2.4% in May, the retirement market has seen average prices rise by 3.7% in the same period.
According to Retirement Homesearch data, the price of the average retirement property was £139,597, compared with £134,442 in April. Since May 2007, prices have risen by 5.3% from £132,614.
David Gabriel, property sales manager at Retirement Homesearch, comments: “May was one of the best months we’ve experienced for almost a year in terms of the average price of properties sold, with demand for higher-end retirement property looking particularly healthy.”
Gabriel says there is growing demand for retirement property as the number of people whose children have become independent grows, causing many to consider downsizing.
He says demand is particularly high for properties that are easily maintained and safe, giving peace of mind to pensions who wish to travel in their retirement.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
'Necessary steps' taken
Penalty payments and enforcement policy
Fees as low as 0.04%
Client procurement costs ‘unsustainable’
Only 9,486 applied for the benefit in 12 months