Brighton has been named the most costly city for the over 55s to live with the average annual cost of more than £13,266 a year. The seaside favourite even beat the capital with London costing £12,941 a year while Bristol was third most pricey at £12,058, according to research by Yours Retirement Services provider, Key Retirement.
By contrast pensioners in Cardiff enjoy the lowest annual cost of living at £9,723 – over a third (36 per cent cheaper) than Brighton – with Birmingham and Coventry joint second cheapest at £9,897.
Cardiff pensioners enjoy the lowest annual cost of living
More than six out of 10 over-55s worry about the cost of continuing to live in their home city in retirement but want to avoid the hassle of moving, the research found. Some 63 per cent of people said they like where they live while 35 per cent say they don't want the upheaval of moving and 29 per cent are concerned about losing touch with family and friends.
Key believes property wealth can be a major factor in helping people stay in their homes – on average homeowners can release enough money from their homes to fund four years of living costs. In London the average homeowner can fund seven years of living costs.
Dean Mirfin at Key Retirement, says: "Moving out of the city to save money can make financial sense but it is not an easy decision to make in retirement with the costs of moving as well as the risks of losing touch with family and friends to consider.
"But apart from all that, quite simply most people like where they live and want to stay there if they can afford it despite the rising costs.
"Property wealth can make a major contribution to increasing retirement income and enabling pensioners to strike the balance between living where they want and being financially comfortable."
Annual cost of city living for over 55s
- Brighton - £13,266
- London - £12,941
- Bristol - £12,058
- Nottingham - £11,500
- Leicester - £11,500
- Glasgow - £11,257
- Edinburgh - £11,257
- Liverpool - £10,757
- Manchester - £10,757
- Belfast - £10,478
- Sheffield - £10,409
- Leeds - £10,409
- Bradford - £10,409
- Hull - £10,409
- Wakefield - £10,409
- Newcastle - £10,141
- Sunderland - £10,141
- Coventry - £9,897
- Cardiff - £9,723
Anyone looking to release equity from their home can find out more by calling Yours Retirement Services on 0808 156 9010 or by clicking here.