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July named as peak month for moving retirees

More people in the over-50s age group move home in July than in any other month, it has emerged.

As well as demonstrating the popularity of this month for moving, the research by Saga Home Insurance reveals that many people make bold plans for their retirement and may need extra financial help to follow them through, with the average retiree looking to move 182 miles to a new home.

The key factors motivating a retirement move were shown to be a desire to downsize and a wish to be closer to family members, with around 35 per cent of respondents citing each of these reasons.

Commenting on the results of the survey, Saga Group chief executive Andrew Goodsell 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."

In order to enjoy an active retirement and cope with the cost of moving, people may wish to supplement their savings or pension with a personal loan – a survey by the Co-operative Bank recently claimed that Britons spend a collective £10 billion a year on "hidden" moving expenses.

See how much you could borrow with a home loan from Lombard Direct.

25/06/2007 17:00:42

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