Even ten years ago you’d have been laughed at for suggesting it – but there are several reasons why a London retirement is becoming more palatable, even desirable for those approaching the end of their careers and the start of the leisure years. The number of people aged over 65 projected to rise by over 40 per cent in the next 15 years to over 16 million. By 2040, nearly 25 per cent of people in the UK will be aged 65 or over – according to AgeUK. Figures like these show how the city could grow in appeal for a demographic that have traditionally gravitated towards the well-worn seaside retirement towns of the South East and South West. It’s not for nothing that Eastbourne is known as God’s waiting room. As the number of over 65s increases, retirees will need to think creatively if they want to avoid the obvious candidates for relocation and make the most of the continued good health and comfortable pensions that many of today’s retirees now enjoy.
Not only is there better access to medical facilities in the capital, but worsening transport in the countryside means it makes more sense to be somewhere well connected. Being in London means you’ll have the country’s best cuisine and theatre on your doorstep at a time of life when you have the means and the opportunity to enjoy it.
For a generation hooked on gadgets, high end décor and luxury it’s the perfect storm. Gyms, onsite medical facilities and proximity to transport links are all part of packages that can either be bought or leased. If you’d like to enjoy the entirely selfish life denied to you when younger, travelling with a free over 60s Oyster Card means the city is yours to explore. Enhanced pension funds which many of the current cohort of soon-to-be-retirees have acquired means that they can keep up a regular roster of restaurant and concert trips with relative ease.
So what can you get for your money? The quality of retirement options available in the city has improved immeasurably over the years. Developers often benefit from reduced costs from local Councils, giving them an incentive to build with retirees in mind. Age limits for this accommodation vary, usually from 55 up, and encouragingly only one party has to be over the limit. It’s Boomers with the disposable cash – assuming their Millennial kids haven’t snaffled it all – and the desire to continue a quality of life they’re used to, that are driving the market.
Having worked in Chelsea for over 40 years and seen obvious development sites festering, especially over the last seven years when values have been sliding in Prime Central London, it’s remarkable how many of them have now been given over to retirement properties. As a Boomer I’m not objecting, but it’s not doing much to rebalance South West London and planning authorities are already cottoning on.
And I’m not just talking about retiring to Prime Central London. A slightly more reasonable outlay still gets you into the Clapham/Fulham/Hammersmith ring with a commensurate reduction in living costs if the top end is beyond you.
There can be downsides of course with service charges often much higher than for ‘standard’ housing and even, in some cases, weighted and rolled up or deferred and taken out of the eventual sale price. Always read the small print and check early before emotions take over.
Where should you look?
The choice is becoming more widespread with options in SW3 like Auriens’s for age 65+ [or later living as they call it] from £13,750 pcm for a one bed property.
For the over 60s fancying Hampstead, Pegasus Life have new accommodation there, complete with a shared pool and gym.
If you are over 55 and prefer to be nearer the grandkids in Nappy Valley Clapham then there are plenty of options too.
Most are not cheap but so long as you’re looking at a comfortable retirement this could make for a rock and roll dotage.
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