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OAPs widen their horizons

18th September 2006 | back to article listings BACK    print this article PRINT

Globe-trotting property investors do not have to be young business gurus in designer suits – more retirees than ever before are setting their sights on foreign markets.

A new survey has found that old people are less concerned about leaving an inheritance for their children than having enough cash to enjoy an active retirement.

And they are increasingly turning to property to fund their aspirations.

Over half of respondents said that they are planning to trade down the housing ladder to release some of the equity locked up in their homes when they retire and six per cent said that they wanted to stay in their own home but use an equity release product to supplement their income, according to propertyfinder.com.

On average, this would allow retirees to release £112,000 of equity currently tied up in their homes, a figure that would provide an additional annual income of £8,000 – twice the value of the state pension.

Complimenting the findings, the AA reports that retirees are indeed more ambitious and active in their plans for the future than they used to be. It found that a third of pensioners say that they travel more than they did five years ago and over a quarter had been on three trips in the last year.

Alison Crossley, AA travel insurance manager, said: "Exotic destinations are much more accessible now and older people aren't letting age get in the way of having a good time and exploring the world."

But the results from the propertyfinder.com survey suggest that people are not just looking at one-off trips as a means of enjoying their retirement. Just over a third of respondents said that they want to emigrate after receiving their final pay cheque from work.

Warren Bright, chief executive of propertyfinder.com, said: "Older people may feel they have already done their bit - giving their children a financial leg up onto the property ladder by helping them to buy their first home."

He added: "Older people want to use their assets to enjoy their retirement and with a rising life expectancy, they need to plan for the long-term."

The AA's survey found that over half of all travel destinations favoured by over-60s were in Europe meaning not only that demand for buy-to-let properties is being fuelled by elder statesmen, but that they may be interested in purchasing properties themselves as they look to move down the housing ladder. A property abroad is increasingly seen as both a holiday home and a solid brick and mortar investment that has the potential to fund ever-lengthening retirements.

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