The HPS, which began testing in the fourth quarter of last year, is now being rolled out to Inspired Villages retiree communities. These are based in six locations in the UK and the communities are set to expand with 2,500 more homes created over the next six years.
Those who potentially use the program will have their property appraised by three independent real estate agents and Legal & General (L&G) will offer a guaranteed cash sale at 95% of fair market value.
L&G said current sales using HPS have reduced swap times from an average of six months to just four weeks, with move dates negotiable.
Indeed, the aim of the program was to reduce much of the stress associated with the buying and selling process by avoiding the anxieties that can arise due to events such as chain collapse.
L&G cited data from Quick Move Now, which revealed that one in four sales failed by the end of 2019.
And he said a survey of Which? also highlighted relocation anxiety, which was ranked by respondents as the second most stressful life event after divorce.
L & G’s program offers what it describes as an attractive, stress-free, and faster option for those who want – or need – to settle in a well-run retirement community.
He said that for those in subsequent years trapped in homes that were no longer safe or fit for purpose, the expedited process could be essential for their long-term well-being.
Phil Bayliss, CEO of Legal & General Capital, said: “With 3.1 million over 60s looking to downsize their homes and priorities rapidly changing in light of the pandemic, we are keen to ensure that Inspired Villages can deliver. opportunity to the greatest number, as quickly as possible.
“The introduction of the home shopping service will allow more people to move into a property of manageable size, while freeing up capital, saving on bills and enjoying the benefits of an inspired village.
“It’s about helping our customers get around quickly, with certainty and with minimal hassle. “
Inspired Villages was established by Legal & General in 2017 to build and operate retiree communities that enable their residents to live healthier, happier, safer, more independent and more active lives.
The latest policy is part of its expansion program for Inspired Villages, expanding its existing offering which already includes a generous move-in package and a rental option that was launched in 2020.
Jamie Bunce, CEO of Inspired Villages, said, “At Inspired Villages, we strive to create great options for residents to meet their individual needs. We want more people to be able to access the lifestyle, safety and health benefits offered in our retirement communities, and the new home buying service offers a new route, which can speed up the moving process.
“The collapse of real estate chains is a disappointment we all know too well. Later in life this can be critical for those who are trapped in homes that are no longer suited to their function.
“We hope that our new home buying service will provide certainty of selling to potential residents, while eliminating, with our moving package, the hassle and stress. Once fully established, we hope that 25% of sales will come from the parts exchange program. “