An estimated three million people over the age of 50 are planning to relocate as a direct result of the pandemic, according to Legal & General Retail Retirement.
In 2020, the Office for National Statistics (ONS) revealed that people of retirement age in England were already leaving large urban areas and heading to rural areas.
Data showed Dorset, Shropshire and Wiltshire to be hotspots for retiree migration, while England’s largest cities saw net outflows of residents of retirement age, London, Birmingham and Bristol registering the most outings.
The biggest barrier to home ownership is income
Almost a year later, Legal & General research revealed that the pandemic has influenced many people over the age of 50 to plan a move.
People over 50 want to settle in a place offering a better quality of life (7%), move close to their friends and family (4%) or live abroad (3%).
When planning a move, many people over the age of 50 have considered the role of their current home’s value in their long-term plans.
According to Legal & General, 1.3 million early retirees over 50 (9%) considered themselves more likely to turn to their real estate assets to finance their lifestyle than before the pandemic.
Claire Singleton, Managing Director of Legal & General Home Finance, said: âThe move to retirement was already a well-observed trend, with older people redefining their needs as they enter the next stage of their life.
âAs with many aspects of our lives, the challenges of the pandemic seem to have led many people to take stock of their current life situation.
âThere can be many benefits to moving, whether it’s a better quality of life, more space, or even the ability to be closer to loved ones.
“One thing is clear is that many people will also see their decision informed by how their real estate wealth is factored into their long-term financial planning.”