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Is a London Flat the Best Place to Retire?

Old People Crossing

Old People Crossing

Is a London Flat the Best Place to Retire? Well a couple of friends have set their sights on retiring to London on the basis that it’s a wonderful place for the elderly. One of the entertainment capitals of the world, facilities and services on the doorstep, top medical care, great public transport (free for OAPs) – London is a great place to retire.

Retiring (and particularly retiring abroad) is frequently the subject of website studies, including the Expat Explorer Survey, encompassing the views of 4,127 expats across more than 100 countries to find which nation performs best in various different areas. Some of the top-performing nations boast extraordinarily large numbers of retirees among their expats — in Spain, just shy of 40% of all expats are retirees, while France (33%), South Africa (24%), Thailand (24%) and Canada (17%) also boast a large proportion of retired expats. Perhaps a touch worryingly, the UK finished 23rd in the survey, behind nations like Qatar and Mexico, but just ahead of Russia and India.

Rank Nation
1 Thailand
2 Bahrain
3 South Africa
4 Canada
5 Bermuda
6 Spain
7 France
8 Switzerland
9 Australia
10 Malaysia
11 Philippines
12 Germany
13 Belgium
14 Singapore
15 Hong Kong

If you do want to retire in the UK – well in spite of my encouragement to come to London, it looks as if on balance Cardiff may be the city to head for:

City Average life expectancy for someone retiring at 65 Average annual household income required during the duration of your retirement
Cardiff 20.3 £25,916.27
Hull 18.6 £26,206.05
Bradford 19 £26,241.77
Sheffield 19.9 £26,357.78
Leeds 20.3 £26,419.83
Liverpool 18.1 £26,573.95
Manchester 18.4 £26,602.83
Leicester 18.9 £26,718.73
Nottingham 19.4 £26,781.54
Glasgow 17.4 £27,265.77
Edinburgh 20.2 £27,562.40
Stoke 18.9 £27,655.31
Wolverhampton 19.7 £27,760.65
Birmingham 19.9 £27,786.87
Coventry 20.3 £27,852.28
Bristol 20.2 £29,880.12
Plymouth 20.5 £29,935.38
Belfast 19 £30,361.78
Southampton 20.6 £32,705.03
London 21 £34,855.30

Now that is going to please my Welsh In-Laws (retired in Thailand) !

If you want to see some relative costs for buying property:

Area Average price of prime property per square meter
Monaco £44,400
London £23,000
Cannes £22,200
Moscow £16,200
Sydney £11,500
Paris £10,210
Manhattan £9,725
Milan, Italy £8,880
Majorca £7,100
Auckland £6,300
Cape town £5,400
Lisbon £4,440
Dubai £2,990
Algarve £2,665
Sarasota, Florida £2,470
St Lucia £2,330
Seychelles £2,185
Marrakesh £1,265

Sources:
http://www.lovemoney.com/news/make-good-property-decisions/overseas-property/ditch-britain-for-somewhere-better-10034.aspx
http://uk.finance.yahoo.com/news/The-best-countries-retire-yahoofinanceuk-4168493884.html

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July 2015

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1 Bed Studio Flat £1000 pcm

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