Pembrokeshire retirees want to downsize from their large family homes and release valuable equity, but feel unable to do so in the current market, according to a recent report. The research, conducted by McCarthy and Stone, shows that 28% of homeowners in Wales over the age of 55, are considering or expect to consider downsizing but a lack of suitable housing options is preventing them from moving*.

The research highlights that in Wales, 13% expect to release more than £100,000 in equity when downsizing, but there is currently little incentive or choice available to help them make the move. Added to this, concerns over costs associated with moving home, such as stamp duty fees, removal costs, estate agents and legal fees, mean many are not taking advantage of the downsizing opportunity.

The Pembrokeshire retirement housebuilder is offering to pay stamp duty on all new reservations between now and 31 August on its latest site in Tenby, Paxton Court. The ‘Move For Free’ incentive will see stamp duty costs deducted from the price of an apartment at the point of completion, saving retirees thousands of pounds when downsizing.

In addition, hefty estate agent fees which can also be off-putting when making the decision to downsize will be covered up to the value of £12,000, as well as removal costs and any legal fees not exceeding £2,000+.

The company hopes this latest scheme will encourage the take-up of more specialist retirement housing in the region, and therefore increase the number of people downsizing, which will in turn free up under-occupied housing for first time buyers and families and keep things moving for the housing market more generally. It will also help retirees to make the most of the many lifestyle benefits of moving to a McCarthy and Stone development. Existing home-owners stress positives such as lower household maintenance, as this is taken care of by the on-site management team, thus leaving more time to spend with friends and family. The opportunity for companionship, and to be part of a thriving community of like-minded people, with the independence of having your own apartment and a range of local amenities right on your doorstep, encourages an active lifestyle with help and support at hand if needed.

Debby Pavitt, Regional Sales and Marketing Director, commented: “We’ve introduced the ‘Move For Free’ offer at our key development in Tenby to alleviate some of the financial barriers preventing older people from moving, while encouraging retirees who are perhaps thinking about their future health and social care needs and how they will pay for this support, to proactively consider the different housing options and lifestyle benefits available to them in later life.

“It is essential that we have the right infrastructure and services in place to cater for the specific needs and requirements of our ageing population, and this includes the provision of retirement housing and housing with care that keeps people healthier, happier and active for longer.

“By helping retirees to overcome some of the financial barriers to downsizing, this will enable them to realise the proven benefits of moving to a McCarthy & Stone development such as reduced property maintenance, comfort and security, releasing equity, and improved physical wellbeing as a result of greater independence whilst being part of community of like-minded people.”

For more information on the Move For Free offer and the sites McCarthy and Stone currently has under construction in Wales please visit: http://www.mccarthyandstone.co.uk.