City

Few people in their late fifties and sixties, it seems, wish to retire to a quiet life. Many newly retired people are choosing to move into town or city centres, rather than the more traditional, sleepy seaside locations.

“People over 60 are often young in their outlook and want to remain active, while living in a purpose-built retirement apartment,” says Karen Roake of Pegasus Retirement Homes. According to Pegasus and the property website, Rightmove, 12 of 20 towns with the highest density of specialist retirement apartments for sale in 2009 were not traditional seaside destinations, and three out of the top five – Hadleigh, St Annes and Caterham – are not normally associated with retirement at all.

McCarthy & Stone has a development, Cleves Court, in Hadleigh, Essex, where one and two-bedroom apartments start at £171,950. For those looking for a more traditional urban retirement destination, the company has an award-winning development in Chester. Forest Court’s 53 retirement apartments are situated in the heart of the historic city, near the River Dee and the city walls. Prices range from £159,950, and properties include rooftop and private courtyard gardens.

Liz and Colin Dunford, in their sixties, moved in January from a house near the Somerset village of Somerton to a Pegasus development in Taunton. “Before, we were about a mile from the village, here everything is on our doorstep,” says Liz. “We’re next to the Brew House Theatre and Arts centre and there are many restaurants and coffee shops. We are enjoying being in town.”

Prices at Taunton, which features two penthouses, range from £209,950 to £849,950. Pegasus also has one and two-bedroom apartments in Nailsea, near Bristol, and Calcot, a suburb of Reading, from £159,950 to £340,950.

David Reaves, Richmond Villages’ marketing manager, says retirees are moving from farming communities to its development in Nantwich. “The town centre is on their doorstep and Village cars and drivers offer daily trips to town and places of interest,” he says. Prices for the one and two-bedroom apartments start at £150,000.

Welland Place is a new development by Renaissance LifeCare in the centre of Market Harborough, near Leicester. There is a pool, spa and gym. Studios, one and two-bedroom apartments and two-bedroom duplexes start at £139,500 through the agent, Andrew Grainger.

By 2019, there will be 2.4 million more people over 65, and active retirees are moving to specialist retirement developments or downsizing to secure city or town centre apartment blocks. The former have features such as 24-hour Careline emergency call systems and an emphasis on security. They usually have a resident or daily manager.

Some developments built as “villages” offer more of a community feel, with bungalows or cottages, a restaurant, fitness and leisure facilities. There is often a care home within the site.

“The biggest growth in the population of the over-65 age group over the next decade is expected to be in locations in or around the main urban areas,” says Liam Bailey, head of residential research, Knight Frank. The agent is marketing The Waterside, a Berkeley Homes development in Worcester overlooking the canal, where around half of the purchasers are over 55. Baxter Court, the latest phase to be released, has 12 two-bedroom apartments overlooking the river, from £204,995.

Harbourside is a Crest Nicholson waterside regeneration development in Bristol. Vicky Dudbridge, from the agent King Sturge, says, “Quite a few people are downsizing from the country into the city. They want the same quality and size, but fewer, rooms and want to be able to easily get to all the facilities.”

Sylvia and John Doubell, who are in their seventies, moved from the Chippenham area into a three-bedroom penthouse at Harbourside. They love the buzz of the area and the easy walk to shops and restaurants. “Before, we had to take the car everywhere,” says Sylvia. The last phase at Harbourside, called Beacon House, has 47 two and three-bedroom apartments priced from around £295,000 to £550,000.

Written by Mary Wilson, this article was first published in the July 2010 issue of Saga Magazine. Details and prices correct at time of publication. Mary's opinions are his own and for general information only. Always seek independent, professional, financial advice.

Useful contacts:

Pegasus Retirement Homes

0800 583 8844 - pegasus-homes.co.uk

McCarthy & Stone

01702 551173 - mccarthyandstone.co.uk

Richmond Villages

01270 629080 - richmond-villages.com

Andrew Grainger

01858 431315 - renaissancelifecare.com

Knight Frank

0121 200 2220 - knightfrank.com

King Sturge

0117 908 8888 - harbourside.co.uk