Settling for a no-bills deal
EVERYBODY is facing tough times because of the cost-of-living crisis but over-75s are expected to have to spend more of their disposable income on rising energy bills than any other age group – this year and well into 2023. That’s because older people often live in large, less energy-efficient homes, so their heating costs are higher, says a report by the Resolution Foundation.
The independent think tank, which focuses on improving living standards for those on low to middle incomes, released An Intergenerational Audit For The UK this month.
It says: “In 2019 to 2020, only a third of households headed by a person aged 65 and above lived in an energy-efficient home, with an EPC rating of C or above, compared to around half of households headed by someone aged 44 or less.”
The report also says that low-income young people who own or rent a home may be even more badly affected by high energy prices, because few will have savings to use as a buffer but adds that they may be able to get extra work or at least return home to live with parents.
No such luck for over-65s, although those thinking of downsizing are being thrown a lifeline by some retirement living developers, who offer extra incentives.
Rangeford Villages has launched a “no household bills for four years” initiative for “incoming residents” on completion of buying a new-build property at three of its retirement villages.
Sales must be completed before March 31 next year and the incentive is capped at £3,000 per year on gas and electric energy bills at Mickle Hill in Pickering, North Yorkshire; Siddington Park in Cirencester, Gloucestershire, and Wadswick Green in Corsham, Wiltshire.
“Our residents’ financial stability and independence remain a priority and we are constantly evaluating how we can assist in these difficult times,” says Rangeford’s chief executive officer Howard Nankivell.
“With this in mind, we’ve introduced an initiative that aims to take away the burden of incoming buyers’ household bills for the first four years.
“This will give them peace of mind and the ability to focus on enjoying their retirement, and we are already seeing lots of interest.”
Mickle Hill has seven new-build properties still available, with one-bedroom apartments from £199,950, as has Siddington Park, where one-bedroom apartments start at £299,950.
Wadswick Green has just four two-bedroom apartments available from £460,000 (0800 135 7420; rangefordvillages.co.uk).
These properties are all energy-efficient, with double-glazing, underfloor heating and an all-electric energy system. Pool cars and communal transport are available for residents and the villages have facilities such as a café, cinema room, bar, gym, activity room, shop and lounge – although all are slightly different.
Other companies, such as McCarthy Stone, are also helping people who reserve a new-build home before February 28, 2023 and complete before April 30, 2023, when £10,000 will be deducted from the purchase price.
The offer is only for new-build flats on selected sites and does not include Part Buy Part Rent or Shared Ownership properties (0800 201 4811; mccarthyandstone.co.uk).
It’s also worth searching the internet for other special offers if you’re thinking of downsizing.
Some developers help you sell your home, declutter and make removal arrangements for you.After all, every little helps.