Brits love to holiday by the sea and a report last month by Travelodge[i] showed that 43% will be taking their summer holiday at a UK coastal destination this year, with Cornwall topping the staycation chart, followed by Devon, Isle of Wight, Whitby and Blackpool.
As people prepare to head off on their summer holiday, Dominic Stead, Property Director at My Future Living says his firm is preparing for the influx of enquiries that tend to follow the summer season as people decide they want to retire to the coast.
Dominic Stead said: “Retiring by the sea is a long held dream for many and we often seen a big rise in enquiries for rental properties in retirement developments in coastal resorts up and down the UK after the summer holidays.
“Having enjoyed their summer break people are inspired to get on with a move. This year we also expect the cost of living to be factored in with more retirees considering downsizing and renting as a more affordable way to make their seaside living dream come true.”
Renting enables people to free up capital that can be used to fund retirement. Also as some coastal towns are expensive to buy in it can mean people can move without having to buy and pay stamp duty, which can kick in even on smaller properties.
Research by Legal & General found that more than 3 million over 50s are thinking of relocating as a consequence of Covid – with many having the vision to live somewhere completely different in retirement, often trading city life for somewhere more secluded[ii].
Mr Stead adds: “Coastal retirement developments are always popular, but this year we are seeing growing demand for lesser known resorts which are quieter even during the busy summer months, which older people can prefer. We expect this trend will continue as people weigh up the benefits of living in a place yet to be discovered by the crowds.”
My Future Living currently features several apartments in retirement developments in small seaside towns that are just being up the road from more well-known resorts, enabling people to make the most out of coastal living but in a quieter, often cheaper resort.
One of these is a one bedroom apartment at Hampsfell Grange in Grange-over-Sands, a pretty coastal town with an Edwardian flavour on the shores of Morecambe Bay, located between mountains and sea, and only seven miles from Windermere in the Lake District[iii]. The apartment is on the second floor and is £795 per calendar month.
Or there is a one bedroom apartment in Homebaye House in Seaton on the Devon coast (pictured above) which is set in landscape of outstanding natural beauty and the only gateway town to the Jurassic Coast, where rocks from all three geological periods can be viewed in their natural environment[iv]. The apartment, on the third floor and benefiting from a balcony overlooking the town and sea, is £795 per calendar month.
And there is a one bedroom apartment at Shannon Court in Sheringham[v], a traditional seaside town on the Norfolk coastline with access to beautiful countryside and the popular holiday resort of Cromer. The apartment is on the first floor and is £895 per calendar month.
My Future Living offer rental apartments in many other retirement developments throughout the UK for over 55s to live independently. Apartments are available on an assured ‘lifetime’ tenancy, which means people can stay as long as they wish, as long as they keep to the terms of their lease.
Developments benefit from landscaped gardens, a communal lounge to socialise in plus a 24-hour emergency alarm system in each apartment and an onsite manager on duty. Most organise activities and events so people can feel part of an active and sociable community.
To find out more about renting a home in a retirement development visit: www.myfutureliving.co.uk