Research by Key Retirement Solutions shows that retired pensioners have total property wealth owned outright of around £751.3 billion.
Robin and Christine Kaighin bought Lakeside, a five-bedroom country house in Shillinglee, on the Surrey-Sussex border, in 1991. The hurricane of October 1987 had caused “total devastation” to the semi-ancient woodland surrounding the property, within the South Downs National Park, while financial storms had taken their toll on its owner’s business. Lakeside had been repossessed, and Robin, who worked in electronics, and Christine – along with their four sons, aged one to 11 – were able to negotiate a bargain.
“I could see the writing was on the wall for electronics wholesalers,” Robin says, “and we thought we could use Lakeside to set up a fishery.”
Clearing the 53 acres of land took four years, and the Kaighins opened their new business in 1995. The
revenue has supported the maintenance of the estate. Twenty years on, their boys are boys no longer and the couple want to retire from life on the lake, trading it for life on the canals, exploring Britain in a narrow boat that they built themselves.
“The proceeds of selling Lakeside will keep us going,” Robin says. “Some of the money will go into a small lock-up-and-leave house in south Devon. And we’ll be in a position to help out our children in their adult lives.”
They have put the property, with seven acres of lakes, on the market for £2.95 million through Hamptons International (01483 572 864).
“I hope what we did inspires people,” Robin says. “Just as in the Nineties’ recession, there are bargains to be had now – if you are prepared to work hard on a place. We did it with not a lot of money, doing most of the clearing ourselves. We were fortunate to be in the right place at the right time, and it’s given us a whole new chance for adventure.”
FOR SALE
1 Ibthorpe House, Hampshire, right, is the classic Jane Austen house. She knew it well as it was the home of the Lloyd sisters, who were friends of hers and her sister Cassandra. She attended the wedding of her brother to Mary Lloyd here, and is thought to have made it the model for the Bennets’ house in Pride and Prejudice. It comes with seven bedrooms, a coach house, tennis court, paddocks and a £3.5 million price tag from Knight Frank (01488 682726).
2 Vicarage Farmhouse, Upper Minety, Wiltshire, oozes charm, with five bedrooms, outbuildings and over an acre with wild meadow flowers and orchids. £975,000 through Strutt & Parker (01285 653101).