Scarborough and North Norfolk have been named the country’s retirement hotspots, with the largest over-65 populations in the country.
The North Yorkshire seaside town of Scarborough was found to be the UK’s retirement capital – with more than one in four of its 62,000 residents (27.6 per cent) being aged 65 or over.
Looking at local authority areas, North Norfolk was found to be the most popular with retirees.
More than a third of its 105,000 residents are over 65, according to new analysis by seniors mortgage broker Responsible Life.
Retirement capital: Scarborough is the UK’s most popular city for retirees, with 27.6% of the population aged 65 and over.
The average retirement age for men is 65 years and for women it is 64 years, according to government figures.
In 1998, the 65 and older age group represented 15.9 percent of the total population, but by 2021 that figure had increased to 18.7 percent.
In more than half of local authorities, at least a fifth of the population is aged 65 or over, up from a third of local authorities ten years ago. The ONS predicts that in 2050 those over 65 will represent a quarter of the population.
And the evidence suggests they will be more demanding than ever about where they want to live.
Steve Wilkie, chief executive of Responsible Life, says: “Many retirees are making more deliberate decisions about where they want to live in retirement, reflecting a generational shift in behaviour.”
We look at why Scarborough and North Norfolk have received the thumbs up from discerning retirees.
Why do retirees love living in Scarborough?
The popular seaside town on England’s northeast coast has long been a favored location for retirees.
Lauren Spivey, branch manager at Hunters estate agents in Scarborough, says: ‘Scarborough is a great place to retire due to its stunning coastal location, offering picturesque views of the North Sea and sandy beaches.
Scarborough combines natural beauty with a comfortable and fulfilling retirement lifestyle
Lauren Spivey, Hunters Estate Agents
‘The town’s proximity to the North York Moors National Park provides retirees with easy access to tranquil rural countryside.
‘Scarborough fosters a strong sense of community, creating a welcoming and supportive atmosphere for those enjoying their retirement.
“With a rich cultural scene, recreational opportunities and convenient amenities, Scarborough combines natural beauty with a comfortable and fulfilling retirement lifestyle.”
Eleanor Round, North Yorkshire area manager at estate agency William H Brown, suggests some retirees are moving to Scarborough thanks to fond memories of past holidays.
Major cities: These places have the largest population of retirees according to Responsible Life
She says: ‘Scarborough is one of the UK’s best holiday destinations.
‘A lot of people holidayed there in the UK while growing up and traveled to Scarborough when they were younger. I think the appeal is that it’s a family-friendly place for retirees.
‘Scarborough’s main attraction is its seaside location, beautiful countryside and peaceful atmosphere. Living there is a real pleasure.’
After Scarborough, Conwy in Wales and Chichester in West Sussex are the next largest retirement hotspots, with people aged 65 and over making up more than 27 per cent of the population in each.
Lewes in East Sussex and Maldon in Essex complete the top five.
At the other end of the spectrum, less than 10 per cent of the city of Manchester’s population is aged 65 or over.
In the London borough of Tower Hamlets, only 5.6 per cent are aged 65 or over.
Why is North Norfolk popular with the over 65s?
When looking at local authority areas, rural and coastal destinations are clear favorites for retirees.
Bordering the Norfolk Broads, North Norfolk has the largest population of seniors, with more than a third of residents aged 65 and over.
Jim McGuire, North Norfolk area manager for estate agents William H Brown, says the area is a hotspot for people downsizing, retiring or taking early retirement.
By the sea: most of the municipalities popular with seniors are located on the coast
“The easy pace on the roads and in the towns is the big draw of North Norfolk,” says McGuire.
‘With a semi-rural and agricultural topography, the cities are less populated than many parts of the country and the landscape of fields, forests and sandy beaches is great for people’s souls and mental health.
‘In North Norfolk we have some lovely towns, boasting lots of amenities but also a range of independent shops, restaurants and some of the best pubs and restaurants in East Anglia.
Not only do they get a better way of life, quaint towns and a variety of activities, but they also live in what appears to be a prosperous area.
Jim McGuire, William H. Brown
‘Many of the towns here, such as Aylsham, Fakenham and Holt, have traditional markets and have a strong sense of community, with people of retirement age welcomed by people who have made similar moves from their home counties of London, Kent and the Midlands .
‘North Norfolk is relatively affordable for people living in the south and the Midlands, so not only do they get a better way of life, picturesque villages and a variety of activities and amenities, but they also live in what feels like a prosperous
‘One of the biggest attractions is our coastline: the Jurassic Coast is beautiful and the beaches are highly regarded for their safety and scenery.
“Bustling towns like Cromer and Sheringham have a seaside feel, but places like Blakeney and Wells Next the Sea offer a quieter way to experience the coast.”
Picturesque: A view of the village of Blakeney on the north Norfolk coast, which is the most popular local authority area for over-65s.
Rother, in East Sussex, came second in the Responsible Living index, with a retirement age population of 32.6 per cent.
It is home to the popular seaside towns of Camber and Rye, as well as the legendary Hastings, where the Battle of 1066 took place.
East Lindsey in Lincolnshire is another coastal authority popular with retirees – more than three in 10 of the total population are aged 65 or over.
Wilkie added: ‘There has been an explosion in the number of areas where retirees make up a much larger proportion than the average population.
‘The older generation is challenging traditional stereotypes; They remain young at heart, have considerable purchasing power and are aware of their longer life expectancy compared to previous generations.
“Entire industries have adapted to meet their needs, offering them an unprecedented range of options.”
What to do if you need a mortgage
Borrowers who need to find a mortgage because their current fixed-rate agreement is coming to an end, or because they have agreed to purchase a home, should explore their options as soon as possible.
This is Money’s best mortgage rate calculator, powered by L&C, which can show you offers that match the value of your mortgage and your property.
What happens if I need to remortgage?
Borrowers should compare rates and speak to a mortgage broker and be prepared to take action to lock in a rate.
Anyone with a fixed rate deal ending within the next six to nine months should look at how much it would cost to remortgage now and consider striking a new deal.
Most mortgage agreements allow fees to be added to the loan and then only charged when you take out. By doing this, borrowers can lock in a rate without paying expensive origination fees.
What happens if I am buying a house?
Those with agreed-upon home purchases should also try to lock in rates as early as possible, so they know exactly what their monthly payments will be.
Homebuyers should be careful not to overextend themselves and be prepared for the possibility that home prices may fall from their current high levels as higher mortgage rates limit people’s ability to borrow.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to talk to a good broker.
You can use our best mortgage rate calculator to show you deals that match your home value, mortgage size, term, and fixed rate needs.
However, be aware that rates can change quickly, so the advice is that if you need a mortgage, compare rates and then speak to a broker as soon as possible, so they can help you find the right mortgage for you. .
> Check the best fixed rate mortgages that you can request
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.