Beechcroft retirement properties: retaining their popularity over time
When buying any new home – and particularly a retirement home – it’s important to choose a property with plenty of space, light, kerb appeal and an excellent location which will hold – and increase – its value over time, no matter what is happening in the wider property market.
Buying a Beechcroft home means being able to resell it on the open market, just as with any home, as long as the buyers meet the age criteria, which is generally over 55. Beechcroft does not charge any transfer or exit fees and when resold, houses and apartments usually achieve substantially higher prices than they were originally bought for. Of course, this ‘uplift’ in value can depend on a number of factors, including how quickly people want to sell and short-term fluctuations in the local market.
Beechcroft’s latest in-house research reveals that the resale value of the company’s homes built between 2006 and 2020 and sold on the ‘second-hand’ market between January 2022 and January 2023 was, on average, 19.3% higher than the original average selling price.
In October 2022, one of the homes at The Courtyard in Croxley Green, built by Beechcroft in 2015, was sold for £145,000 more than it was originally purchased for – an increase of 34.5%. In May 2022, at a popular retirement development in the heart of Tring, a Beechcroft home built in 2015 sold for £120,000 more than its original price – a rise of 32%. Of course, the longer you live in your new home, the more likely you are to witness an uplift in the resale price. A Beechcroft home at Langholm Lodge in Richmond-upon-Thames, built in 2013, is currently under offer at £735,000 more than its original price – that’s an increase of 93.6%.
“At Beechcroft, we take care to select development sites in excellent locations, close to local shops and services so these will always be in demand,” comments Holly Foreman, Beechcroft’s Sales Director. “The homes we build – both new and converted period properties – always surprise our retirement buyers because they offer so much light-filled living space.”
“Beechcroft’s landscaped settings are designed to appear well-established from the outset and to mature beautifully and estate managers ensure that each development is maintained to the highest standards – so our new homes are just as appealing to buyers after a few years as they are when newly completed.”
“We are committed to transparency in terms of costs – and keeping any increases to the minimum. Our service charges cover the cost of maintaining the communal areas including the landscaping setting and private gardens, external window cleaning and insurance. The Estate Managers provide a wonderful service, driving the residents’ minibus, keeping an eye on properties when owners are away and being on hand to offer help and advice if needed.”
“It can be difficult to find a Beechcroft home available for sale,” adds Holly. “Potential homebuyers wait for homes to become available in their chosen area and often contact us to find out whether any properties are being resold on completed sites – sometimes years later. Some of these would-be buyers might have missed out first time round or weren’t ready to move when the development was being sold initially.”
It’s easy to see why Beechcroft homes are sought-after. Spacious, energy efficient and easy to maintain, they feature high quality fixtures and fittings designed to stand the test of time. Elegant kitchens include a full complement of integrated appliances, vanity units and mirrors are a feature of the bathrooms and en-suites, at least two bedrooms have fitted wardrobes and flooring, including carpeting, is included.
The UK has a growing shortage of specialist retirement property. In July 2023, an article by leading estate agent, Knight Frank states that whilst more retirement housing has been built in recent years, only 3% of the total number of new homes built each year are retirement properties despite the increasing population of people aged over 65. In fact, population forecasts from the Office for National Statistics suggests that, by 2040, there will be an additional 4.2 million people aged over 65, representing 25% of the population. To cater for this growing number, 50,000 retirement properties need to be built each year and the provision of suitable, desirable, retirement housing will release more underoccupied family homes onto the open market. The stress, however, should be on the desirability, as Holly points out.
“If you’re considering downsizing to a retirement property from a large, family home, you may not need as many bedrooms, but it doesn’t mean you want to compromise on space in your principal living rooms – and at Beechcroft, you don’t need to comprise on space, style or quality. At Beechcroft we design the types of homes that we’d all be happy to live in.”
For further details on Beechcroft developments, including Castle Gardens, Watlington (pictured) where prices start from £295,000, please visit the website on beechcroft.co.uk