Our news

OVER 55s HOLD OVER HALF THE NATION’S WEALTH

The latest ONS figures* on household wealth reveal that older people have the highest household wealth in the country. Those aged 55-64 have higher total wealth per household than any other age group, with a median wealth of £431,000. The second highest average is for those aged 65-74, with £347,000. In total, over 55s hold 57% of the nation’s wealth**.

These figures are significantly higher than the total household wealth of the younger age groups. The median wealth of those aged 35-44 and 45-54 is £187,000 and £322,000 respectively.

We regularly hear that older people are suffering greater economic hardship than the general population, but the ONS figures reveal that for large numbers of people, this is far from the case. For the over two million 55-64 year olds that own their own house outright, the median wealth per household rises still further, to £651,000. Even in these economically straightened times, this figure is increasing, up from £567,000 in the 2006/8 ONS data.

Audley Retirement’s own research***, shows that not all older people are struggling financially. The research revealed that nearly three quarters (69%) of over 55s with homes worth over £300,000 are comfortable that they have enough money to see them through old age.  Perhaps it is unsurprising therefore that 62% feel there is much more opportunity to do what they want as they get older, and two thirds (65%) only buy really good quality products for their homes and themselves.

This demographic does have significant spending power and is looking for opportunities to purchase and invest: 38% of those surveyed would prefer to save their money than spend it, while 65% stated that they are looking for profitable ways to invest their money.

Nick Sanderson, Chief Executive of Audley Retirement, comments on the figures, “With the population of over 55s currently at nearly 17million, and rising fast, it becomes clear that we must stop using age as the determining factor when assessing people’s needs or desires.

“These ONS statistics show that there are a significant number of people in this demographic that are financially stable and therefore have the luxury of being able to choose how they spend their retirement: where they live, and how they live in later life.

“Classing over 60s as one homogenous group is condescending and detrimental, and has led to assumptions amongst government, business and society about how to address the challenges, and yes the opportunities, of an aging population. Our research has revealed that for many older people, and particularly home owners, retirement is an opportunity for enjoyment and making the most of the opportunities that present themselves. ”

Work gives historic hall a new life

WORK is well underway on transforming an historic former school in Leamington into a luxury retirement complex.

The £20 million project, set for completition in 2015, will see grade II-listed Binswood Hall become a 'retirement village' for over 55s featuring 90 apartments, from one to three bedroomed, ranging in price from £295,000 to £795,000. On-site facilities will include a restaurant, bar, library, and gym. There will also be parking spaces for most of the flats.

The Victorian Gothic-style building was a school for more than 160 years. Town benefactor Dr Henry Jephson laid the foundation stone in 1847. For 55 years, until 1977, it was known as Leamington College for Boys, and its most famous old boy was jet engine pioneer Frank Whittle. Up until 2009 the building served as North Leamington School’s sixth form centre.

Nick Sanderson, chief executive of devlopers Audley Retirement, said: "Audley is fully committed to this wonderful local landmark and bringing the building back to life for the enjoyment of a new community.

"We have been very encouraged by the warm reception from the local community who rightly hold Binswood Hall very dear and are thrilled to have the opportunity to live in a village with such a significant building as its centrepiece."

Concerns were raised over the size of the development by both the Central Leamington Area Residents Association

(CLARA) and The Leamington Society, although neither objected to the actual proposed use of the building situated just a

couple of minutes walk from the top of the Parade.

A number of apartments in the pretigious development have already been put on sale.

Read more: Binswood Hall work well underway | Leamington Observer 

Audley Retirement’s recent win at the Pinders Healthcare Design Awards 2013 for our retirement village at Mote House in Kent, in the extra care/assisted living care category, recognises the significant strides made in developing a new retirement living model for the 21st century. Previous wins for Audley villages in Clevedon, Yorkshire and Willicombe Park, Kent, acknowledge how the Audley model is innovating and improving the options available to a growing older demographic. Making changes now will pay dividends going forwards.

Audley Inglewood celebrates as it reaches the final stages of build before the grand re-opening of Inglewood House

Inglewood House, the centrepiece of the Audley Retirement Village near Kintbury in Berkshire, celebrated the completion of building work with a Topping Out ceremony when the last stone was laid on Thursday 31st January.

Nick Sanderson, CEO of Audley Retirement Villages welcomed Councillor Adrian Edwards, Chairman of West Berkshire Council and Mrs Edwina Cooper, Chairman's Escort along with other distinguished guests including David Harris MBE, Divisional Managing Director of builders Cowlin Construction.  The ceremony was also attended by Brother Gus, a monk from the local religious retreat St Cassians, and a former resident of Inglewood House when it was the De La Salle monastery (from 1928 to 1971). The guests were treated to an exclusive tour of the magnificent manor house which has been carefully rebuilt and returned to its former glory. Following the tour guests enjoyed a light lunch and refreshments.

Inglewood House has a long and fascinating history from a private home, to a Catholic seminary and a luxury spa. Having previously been enjoyed by a range of groups, Inglewood House will soon welcome a new generation of inhabitants. The Audley Club will be situated in the manor house and will offer a sumptuous Restaurant, Bar/Bistro, swimming pool and Health & Well Being Centre.The village itself is home to a number of beautifully appointed apartments designed for the over 55 community.

Nick Sanderson, CEO Audley Retirement, said: “Many years of hard work have gone in to the faithful re-building of Inglewood House. The Topping Out ceremony was a wonderful opportunity to celebrate the achievements of all those who have worked on the project from tradesmen to architects. Audley Retirement is looking forward to welcoming new residents and guests to this beautiful recreation of the original historic building when Inglewood House opens this spring. The magnificent grounds and the Audley Club provide the perfect spot to relax and enjoy a happy and healthy later life.”