Luxury Retirement Villages in Warwick & Cheshire | Inspired Villages
Inspired Villages in Warwick and Cheshire offers a collection of beautiful apartments with five-star facilities for that luxury retirement lifestyle.
In another sign that new blood is eager to enter the retirement housing market, Legal and General has just snapped up Inspired Retirement Villages.
It has plans to build 3,000 homes for older people over the next five.
This is a move welcomed by www.BetterRetirementHousing.com, which has long criticised many of the existing operators.
Legal & General paid £40 million for Inspired Retirement Villages, which has two sites in Warwick and Cheshire. It is now looking for further development sites.
Legal & General estimates that there are 3.3 million people who would like to downsize in the UK, but just 7,000 homes for older people were built last year.
Inspired Retirement Villages builds its schemes around a “village square” and has communal facilities such as libraries, restaurants and cafes.
Inspired Retirement Villages homes are priced between £250,000 and £375,000.
Many property owners(particularly if they have no dependents) choose to finance their later lifestyle by taking out an equity release plan secured against their property.
I believe Legal & General are one such company that offers this scheme.
According to the “grapevine” leaseholders in retirement flats are finding it increasingly difficult to take out such a plan (as the lender profits from an increase in value and many retirement developments are experiencing dramatic falls in value).
Will Legal & General be offering equity release schemes to leaseholders in Legal & General owned retirement developments? And if not, would it be because they don’t expect values to rise?