Analysis of internal data of those moving into an Audley or Mayfield village shows that people moving free up on average £205,000. Downsizers sell up their homes, often large family properties for an average of £710,000, and purchase at £505,000 - releasing money that can be put towards helping family, travelling and enjoying those retirement years.
As the nation prepares for the release of the blockbuster Thursday Murder Club, set at the fictional Coopers Chase Retirement Village, Audley reveals some its very own insights:
- Owners move, on average, 39 miles to relocate into one of Audley and Mayfield’s 21 retirement villages, but the shortest distance moved was just 0.1.miles and the largest was 504 miles
- The average age of those who move into an Audley retirement village is 78, with youngest being just before 50, and the oldest 96
- Audley villages usually include restored buildings, including some listed Tudor Manors or Georgian Mansions, which have been sympathetically returned to their former grandeur. While other villages, like Mayfield Watford, are new state of the art buildings.
Nick Sanderson, CEO, Audley Group commented: “Retirement village living is in the limelight this summer with Thursday Murder Club soon to be hitting the big screen.
“Retirement living can come in many different forms, but at Audley and Mayfield, we often see the great similarities between the fictional Coopers Chase and many of our villages - just minus the murders! The villages are vibrant, full of community, with so many activities and events taking place, and people doing the things they enjoy. Be that walking the dog, running the camera club, learning cheerleading routines or spending time with loved ones.
“It’s important that the perception of retirement living in the UK shifts. The most common thing I hear from our owners is that they wish they’d done it sooner.”
Nick’s top six considerations for choosing a retirement village
Check the operator is a member of ARCO (Associated Retirement Community Operators)
ARCO is the trade body for the retirement living industry and in becoming a member, operators agree to a number of standards. This ensures that prospective buyers are given all the information they need to make an informed decision, there is transparency on the costs and fees that come with living in a village, and there are core levels of service that you can expect from the operator.
Understand the fees
There are a number of fees that come with living in a retirement community. They pay for things like the upkeep and maintenance of the buildings and grounds, shared spaces, facilities like the gym or pool and security on site, amongst many other things. Usually, these fees consist of a monthly management fee and a deferred management fee which is paid when your property is sold. Speak to the sales team about the options, as there is often flexibility, and ask any questions you have to make sure you have real clarity on the fees so nothing is a surprise.
Meet with people already living in the village
If you are local, you might know the village well or even have friends living there, or it might be a completely new area. It’s really important to speak to the people that may become your neighbours, what they like about living in the villages, the activities and facilities available, and things you might need to consider more. Ensuring there is a strong community between both the homeowners and the team members that work in the village is really key.
Discuss resale values
Different operators in the retirement living market have different models so make sure you are aware of how the model works at each village you visit. A key thing to consider is the resale value of your property and ask the team about this during your visit. Ideally, you are looking for an operator that will continually invest in the village, the facilities and services, so the value of the property rises with the broader housing market.
Speak to your family
If you are comfortable doing so, involve your family in the process. As well as seeing the lifestyle, and community, this can also give them clarity on the different costs associated with living in a retirement village, which can help when you - or they - come to selling the property.
Consider your care needs
Plenty of people move into retirement villages when they are fit and well, and we see owners whose fitness increases with the facilities on their doorstep. That said, it’s always worth considering potential care needs from the beginning of your search. Ask the team about the levels of support that is available in each village, how that can flex as your needs change, and ask if you would ever need to move out of the village for a specific care need.
