Older generation trapped
A report out today in one of the main stream newspapers highlights the difficulty being experience by the over 55’s to find an appropriate property to downsize to due to limited availability.
In fact millions of older people are actually trapped in properties too large for their needs due to a shortgae of suitable sized housing a study has revealed. As in most families the children reach an age where they want to “fly the nest” this leaves their parents or parent living in a home too big for their needs, research suggests that almost a third of over 55’s have considered downsizing in the last 5 years.
It was reported that The Financial services company Legal & General carried out the new research with the Centre for Economic and Business Research, they confirmed there were 3.3 million older people in oversized properties worth £820 billion overall.
The housing shortage appears to affect the complete spectrum of homeowners, from those looking to upsize to those looking to downsize, there is no doubt there is a crisis that needs addressing immediately, projected figures estimate that around 210,000 need to be built in Britain a year over the next 20 years to meet present demand.
You May Also Enjoy
The First-Time Buyer Reality Shock
£50k hit when climbing the property ladder
Conveyancing causes more stress than property chains
Britain’s most competitive summer rental hotspots
The 5 tasks lettings agents won’t trust to AI
