SELLING RETIREMENT PROPERTIES – HOW HAS CORONAVIRUS AFFECTED THE MARKET?

It was reported in 2019 that there were 730,000 retirement housing units across the UK and with the abundance of new retirement complexes being built across the country, this number is sure to have increased dramatically in the last couple of years. The retirement property market, since the start of the pandemic, has evidently slowed down. McCarthy and Stone reported that the pandemic had led to a sharp fall in the number of properties sold to retirees, and that they would make a financial loss for the year. This has become increasingly frustrating for owners looking to sell their properties, with some vendors staying on the market for over a year, while still paying service charges.

Although it is difficult for professionals to pinpoint as to why the market has activity decreased, many experts are analysing that the pandemic has caused fear within the buyers demographic, that moving into housing may increase their risk of contracting the virus. The restrictions on travel around the country has also made viewing the potential properties with relatives, and them being able to provide assistance for moving, very difficult.

Many retirement villages and complexes are also built away from local amenities with poor transport links to neighbouring towns, which has also deterred potential buyers throughout the pandemic, due to family members unable to assist with shopping etc. Over recent months, there has been development with this and in May 2021, it was reported that more developers are looking at using vacant retail and office sites in more urban areas, which have unfortunately become no longer required due to the pandemic, to build retirement apartment blocks. This will be attractive to potential buyers wanting more independence and to be immersed back into a community.

As restrictions have relaxed over the last few months and we are able to slowly get back to some sort of normality as a country, the property market as a whole has stayed steady and consistent, with house prices still staying at an all time high. Although data is yet to be produced to support an increase in retirement property sales, the overall consensus of the industry is that this sector of the market will slowly start to pick back up, now that potential buyers feel more comfortable with viewing properties, and family able to be more on hand to help them to do so. Also factors such as the increase in urban developments and the successful vaccine rollout, will positively affect sales figures over the coming months.

If you need to sell your home quickly, UK Homebuyers Ltd can give you an offer, no matter what the condition or location. UK Homebuyers Ltd have purchased numerous retirement properties during these difficult times so if you have one to sell, don’t hesitate to get in touch. Our customer service line is open 24/7, just call 0800 051 7645 to discuss your circumstances or fill in our online form to obtain your free no obligation cash offer.