Retirement property market doing well

The market for retirement properties is doing well, despite the global credit crisis.

That is according to Linden Homes, which said that its age-restricted homes sold quicker than its other properties in January.

Age-restricted homes can only be bought by people aged 65 or over and the firm claims that they outsold other properties in the month.

It shows that retirees are not affected by market conditions in the same way that other buyer might be.

"Retirement homes are clearly resilient to any market turbulence. When someone opts to downsize or move into a retirement community it is usually a lifestyle decision and not dictated by what's happening in the market," explained managing director of Linden Homes South East Paul Cooper.

"These buyers have often reached the top of the property ladder, can be mortgage-free and therefore typically have a comfortable amount of equity in their home," he continued.

The Financial Times House Price Index showed that property prices increased by 0.5 per cent in February.

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