More over 50s move house in July than any other month

Analysis by one of Britain’s leading insurance providers for the over 50s, Saga Home Insurance, has indicated that July is the month when most of the over 50s population will uproot and move to another property. Saga’s data reveals that more people aged 50+ have moved in July over the last five years, than any other month of the year.

A separate report for Saga aimed at analysing the intended and actual movements of pre- and post-retirees has also revealed an interesting snapshot of how the over 50s population is likely to spread across the UK and even further afield after retirement. According to the data, those nearing retirement have plans of making a bold move away from their current area, and envisage moving an average of 182 miles. However, the reality is actually just over a third of that distance, with the average retiree totalling around 69 miles between their current home and their last home.

Saga’s report also looked at which areas are likely to see the biggest inflows and outflows of retirees over the next five years, and found that, contrary to popular belief that southern cities such as Brighton and Bournemouth provide the strongest draw for retirees, more retirees are expected to flock north than any other region (19%) in the UK. Retirees in Scotland appear the happiest with their current living arrangements, with more than nine in ten Scots planning to stay in Scotland when they retire (91%).

The picture is radically different in the South East however, where 43% of people there plan to move away on retirement, perhaps to take advantage of cheaper living costs and maximise their retirement income. The research also confirms that many people could be heading to sunnier climes when they stop working, with those retiring within five years hoping to move more than 500 miles on their first move. London is unsurprisingly the least sought after destination for pre-retireds, with just 2% of the survey planning to move to the City.

The study also examined the factors that influenced the retired population in terms of when and where they moved to, and found that for the majority of the population, downsizing was key: more than one in three (35%) wanted to move to a smaller home when they retired, perhaps to take advantage of the equity in their larger family homes to help them enjoy their retirement more fully. A similar number cited wanting to be nearer their family as a key influencer

(34%), suggesting that family ties grow stronger as people get older. Retirees clearly have a great degree of financial freedom, as only one in 20 said they specifically moved to take advantage of a cheaper cost of living (5%).

Among those approaching retirement, wanting to move elsewhere for a bit of ‘peace and quiet’ is expected to be the key driver in terms of where they hope to move to, (47% of the sample alluded to this) suggesting an influx of retirees to rural areas of the country in five years’ time. However, the study also highlighted that retirees plan to spend their accumulated wealth when they stop working, with the second most popular reason for people to move to an area being the shopping facilities there (37%), ahead of good healthcare (29%). A thriving social scene was also important to one in five pre-retirees (20%).

Andrew Goodsell, Chief Executive of Saga Group Ltd, said: “We can see that family is a key influencer on where future retirees will migrate to, but we can also get a sense of just how people plan to spend their retirement – with shopping and social activity as key attractions when searching the area to retire to.”

Moving from the family home can be a stressful experience. To help minimise this Saga Home Insurance offers customers duel property cover of up to eight weeks as standard and cover for their contents if they are lost or damaged, having been professionally packed and carried when they move.