Last time buyers

A new research study commissioned by Legal and General and released earlier this month has quantified the size of Great Britain’s “Last Time Buyer” (LTB) market for the first time. The study found that there are 3.3 million last time buyer households across Great Britain, with a combined 7.7m spare bedrooms – equivalent to 2.6 million three bedroom houses.  The study found that properties owned by LTBs are worth a total of £820 billion or 18% of GB’s property market, and is projected to reach £1.2 trillion in value by 2020.

The study comes  at a time when the UK is suffering from a major housing crisis, and helping older home-owners who want to downsize and move to smaller homes could play an important part in the solution by freeing up more living space for those that need it and allowing older people to access the equity locked up in their homes. The major problem that is preventing those wanting to downsize from doing so is that there is currently not enough two bedroom properties suitable for older residents to downsize to.

Important points from the study: The typical LTB household lives in a 4-bed house, but wants a 2-bed property……Almost a third of older home-owners have considered downsizing in the last five years; but only 7% actually did….. A majority (58%) of downsizers put off moving home until after 70; a quarter until 80 or older…..The most common reason for considering downsizing by over 55s is that their property no longer meets their needs….The most most common preferences for LTBs in a new home are: being close to family and friends (32%), being near their current neighbourhood (18%), have easy access to healthcare (16%) and be located near shops (10%).

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Breaking Property News – 28/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   tlyfe the tenant App gets huge marketing boost from national team tour from the Openbrix team As many will know tlyfe, powered by OpenBrix, is the UK’s most innovative tenant lifecycle app, taking the stress out of the move in process and helping to…
Read More
Breaking News

Over Four Out Of Five Tenants Unaware Of The Renters Reform Bill

OVER four out of five tenants remain unaware of the Renters (Reform) Bill and its contents, according to new research. The data comes from a representative survey of over 2,000 private renters conducted by the TDS Charitable Foundation, which works to advance education about housing rights and obligations in the private rented sector. The Bill…
Read More
Estate Agent Talk

What is Property Damage in a Personal Injury Case?

Property damage refers to any damage that affects things instead of a person. This might include damage to your car, house, etc. As such, it is not regarded as a personal injury case. However, when an individual is injured when the accident occurs, the affected person can file a personal injury claim. A typical example…
Read More
Love or Hate Rightmove
Breaking News

Rightmove comment on new 99% first-time buyer mortgage product

Matt Smith, Rightmove’s mortgage expert said: “It’s encouraging to see lenders continuing to try to innovate in the mortgage market, even after the government abandoned its own plans to encourage lower deposit mortgages in the Spring Budget. This new product has the potential to help some first-time buyers who fit the affordability criteria, but are struggling…
Read More
Breaking News

Breaking Property News – 27/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Coadjute ahead of the game as they are already licensed to provide digital TA6 Forms to property stakeholders This week, the Law Society announced its TA6 Form will now include Material Information as per the the National Trading Standards Estate and Letting Agency Team…
Read More
Breaking News

Breaking Property News – 26/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Sharing Success: The Guild Conference and Awards celebrate Member achievements The QEII Centre in Westminster, London, was abuzz with excitement on Friday, 22 March 2024, as The Guild of Property Professionals hosted its highly anticipated annual Guild Conference and Awards. Under the theme ‘Sharing…
Read More