17 Sep The number of retirees looking to rent is rising in Essex
The number of retirees looking to rent is rising in the region, if Newport’s newest retirement village near Saffron Walden is an indicator of changing trends.
Debden Grange, the new private retirement village in Newport, says it has received record numbers of enquiries from the older generation looking to rent their next home. There have been more rental enquiries for this village than any of the company’s other 15 private communities over the summer period.
“People assume you can’t rent when you hit your 60s or 70s but it’s the opposite. More people in this age bracket are starting to realise the sense in moving into a purpose-built property and releasing a large chunk of the equity tied up in their existing family home,” explained Chris Buck, regional sales manager for the village developer Retirement Villages Group (RVG).
“Instead of having all of their hard-earned savings tied up in their property, they are releasing cash to give themselves freedom to lock up and leave and travel more, share with the kids, even support grandchildren with university fees or putting down a deposit for a house.”
RVG has seen an 85% increase in rental enquiries from over 65s this year compared to the same period last year. Essex has seen the largest volume of calls and emails from retirees and their families wanting to understand how the rental options can work when buying in a retirement village with enquiries coming in from Cambridge, North London, as well as the Essex region as a whole.
“I think buyers of this age are becoming even more savvy about their options and want to keep their choices flexible. Rental allows this to happen. It’s an increasingly popular concept and understandably so,” added Chris.