Although many in Britain want to downsize or begin to think about retirement, older homeowners are staying put because of the uncertainty within Britain’s property market, and like many others, are finding it too expensive and feel they have limited options.
Homeowners aged 55 to 64 have typically been in their current property for 17 years, according to Nationwide. That means most will now have empty bedrooms and are under-occupied what with their children moving out. The halt in property movement is causing a rupture and unlike before, non-movers are not freeing up homes with a substantial amount of bedrooms for families. The YouGov survey talked to younger people, and found that 60% believed that the UK needs more ‘later homes’, and not just starter homes.
Activity among first-time buyers has returned to levels seen before the financial crisis. However, people are tending to buy a little later in life and family homes are very much in demand. Fortitudo has recognised this, and have begun construction on 8, three and four-bedroom houses in Kingsworthy, a suburb on the outskirts of Winchester. Help to Buy will be available on the properties, meaning those already in Help to Buy homes can transfer the loan if they need to upscale or first-time buyers are eligible. For more information visit fortitudoproperty.com.
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