Legal & General, one of the largest specialist builders of so-called retirement communities for the over-55s, is now going to let some properties instead of just selling them.
L&G is to use its Inspired Villages brand - which it describes as its ‘suburban later living business’ - to broaden the offer it makes to over-55s who may not want to buy but would be interested in living in a specialist community.
Inspired Villages move into the rental sector is part of what L&G calls its “ambitious expansion programme” to include Build To Rent as well as homes for sale.
This will start at Inspired Villages’ existing schemes - all of which began life as being for sale - in Warwickshire, Cheshire, West Sussex and Exeter.
Fixed monthly charges to tenants will include service charges.
James Cobb, sales and marketing director at Inspired Villages, says; “Rental can be an excellent choice for some since home ownership isn’t for everyone. For some people we speak to, they don’t have a family to pass their money onto so rental allows them to unlock their housing wealth to live the most spectacular later life with the full financial security.
“Others may never have been on the housing ladder, but still want to access the lifestyle that our villages offer. And some see this as a great extension of our ‘try before you buy’ experience – giving them full confidence that the village is the right place for them.
“We want more people to embrace the lifestyle that is on offer at our retirement villages, with all of its positive health and wellbeing benefits, and providing a rental option enables more people to choose us. ”
And according to Phil Bayliss, chief executive of Later Living at Legal & General Capital, adds: “The number of people choosing to sell their family home to downsize and rent is on the rise, and we are keen to ensure that Inspired Villages is able to offer this opportunity. We aim to be as flexible and as relevant to as many people as possible.
“The introduction of the rental offer at Inspired Villages will widen our target market, and increase the velocity of occupation, enabling more people to downsize to a more manageable sized property, release capital, save on bills and enjoy the benefits that an Inspired village offers. Rental is a great step forward in providing flexible options to allow people to live their best life.”