Retirees making more moves

UK pensioners’ preference for living in certain areas has led to the creation of a new raft of property hotspots, according to a new report.

Research carried up by the Alliance Trust Research Centre group of investment companies shows that almost a fifth (20 per cent) of the population is now retired.

However, this proportion is significantly lower in large cities, with just 11 per cent of people retired in the middle of London and 14 per cent in Manchester.

It would appear that a pattern is emerging of retirees selling their current properties, which have surged in value, before moving to cheaper areas, often on the coast.

Around a third (33 per cent) of all people resident in Christchurch, Dorset, is retired, with a similar 30 per cent retiree population to be found in parts of Devon, Norfolk and Sussex.

Although the general movement has been south to the coast, rising house prices means a growing number of people are also looking further north for their retirement, including in Yorkshire, Lincolnshire and North Wales. Carmathen in Wales and East Lindsey in Lincolnshire were both singled out as emerging property hotspots.

A small number of pensioners with more wealth and fewer family ties are also increasingly looking to property abroad to spend their retirement.

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