The ever increasing 65plus generation are rapidly learning that so called 'easy one step' solutions for a trouble free retirement turn out to be quite the opposite. Stuck in homes they can't afford to maintain many retirees are searching for ways to generate capital from their biggest asset, their home - £745bn of unmortgaged housing wealth is owned by England's 'Last Time Buyers'.*

Equity release, which is increasing its UK market share year on year, £2bn was withdrawn through equity release in 2016*, produces an average of £46k payout for pensioners choosing this route, often far from adequate funds to underpin a couple's pension income for the rest of their life in the family home.

Downsizing to a smaller, cheaper home is not always the best option either, showing an average net sum of £60k generated**, after stamp duty and moving expenses are taken into account.

With a new financial mechanism that is going to open up the market, Platinum Skies offer brand new homes to part-buy part-rent, allowing retirees to access more capital. Once moving costs and stamp duty are taken into account when buying into a Platinum Skies home, a typical equity sum received has been calculated as £200k - far higher than any comparative product.

When the part owners leave their Platinum Skies property, they or their estate receive their original percentage share of the sale (including any increase in value accrued) minus a modest event fee which, depending on length of tenure, ranges from 1%-5% of the value of the property at point of sale.

Platinum Skies forecast that their co-owners will not only enjoy a stress free, cash rich retirement, but also receive their original stake plus uplift, even after fees have been subtracted.

David Hines, Platinum Skies' CE and creator of the new concept comments: “As a private retirement provider with Registered Social Landlord status, unlike many other equity release products, there are no hidden clauses. Our transparent and revolutionary concept where purchasers enjoy a whole property for half the price could help the 50% of the UK's population currently priced out of the retirement housing market***. Purchasing 50% of the property also qualifies for the lower band of stamp duty, overcoming another common barrier to downsizing.”

The initial programme of 1000 homes is already well underway in Bournemouth, Christchurch, Poole, and Salisbury, with the first completions scheduled for Summer 2017.

Platinum Skies' high quality architect-designed apartment and houses are located in pleasant residential areas across the South. All are close to high street amenities, and several come with stunning coastal views.

Each of Platinum Skies developments has been appointed its own resident Lifestyle Manager, on call to help with residents' needs, generate a social ambience, and oversee the communal areas such as sitting and IT rooms, bistros and cafes. Services such as cleaning, shopping and nursing can all be contracted as and when needed through Platinum Skies' authorised care provider, so residents pay for what they want when they need it.

The first properties released are at Monterey, where prices start from £140,000 for a 50% share of £280,000 home. Just a stroll from the centre of Christchurch, Dorset, in the leafy grounds of Christchurch hospital, this new purpose built development of 35 one and two bedroom apartments have, like all Platinum Skies homes, been designed to accommodate changing needs crucial for all downsizers.

To view the Monterey show apartment call 01202 471461 or browse the website www.platinumskies.co.uk

Ends

Issued by victoria@faustpr.co.uk on behalf of Platinum Skies 020 8392 1085

Editor's Notes

*Equity Release Council
** McCarthy and Stone
*** Government report: Future of an Ageing Population

About Platinum Skies

Platinum Skies is a Southern based retirement housing provider, committed to making luxury retirement living affordable and transparent for everyone in the private sector, through their part-buy part-rent scheme.

Part of the Quantum family, a well-respected developer with over two decades' experience creating quality places to live, Platinum Skies is dedicated to increasing the number of retirement homes for a 'stuck' generation who have been priced out of the retirement housing sector. As a Registered Social Landlord, Platinum Skies is heavily regulated and complicit to a strict set of standards.