Older generation trapped

June 1, 2015

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.

 

 

 

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 27/10/26

Daily bite-sized proptech and property news in partnership with Proptech-X.     Who controls the infrastructure, data and intelligence that runs inside commercial buildings? By Author Andrew Stanton CEO Proptech-PR Commercial real estate owners have invested heavily in technology to improve building operations, connect tenants and monitor performance. Yet behind the growing number of systems…
Read More →
Breaking News

35% of UK homes are in postcode areas where house prices are falling

House price falls spread to a third of homes as sellers face growing competition for buyers More than a third (35 per cent) of UK homes are in postcode areas where house prices are falling, up from 12 per cent a year ago Price falls are concentrated in London and the South East where 85…
Read More →
Estate Agent Talk

Budget wishlist

Kevin Shaw, National Sales Managing Director at LRG With the Budget just days away, the property market is in a slightly better place than it was this time last year. Stamp Duty has been ruled out of this year’s changes, which removes the kind of speculation that held buyers and sellers back last autumn. The…
Read More →
Estate Agent Talk

Autumn Budget 2026: Property industry experts comment

Ahead of Wednesday’s Autumn Budget, property industry experts from across the residential sales, lettings, land and property development, mortgage finance and client money protection sectors have shared their predictions, priorities and warnings for the Chancellor. With speculation surrounding property taxation, first-time buyer support, landlord investment, inheritance tax and housebuilding, industry leaders outline what Wednesday’s announcements…
Read More →
Adding second coat of varnish floor boards
Estate Agent Talk

5 Renovations That Can Transform a Property Before It Goes on the Market

Ask a vendor what they plan to fix before listing and the answer is often too ambitious. A loft conversion won’t be finished in time, and it rarely pays back on a quick sale. The changes that actually move a listing are smaller and cheaper, and they show up in the photos. Here are five…
Read More →
Breaking News

Seven things to do if a tree damages your property

Storm Austen and Storm Boelo are bringing strong winds and heavy rain across the UK this weekend, meaning homeowners could find themselves dealing with fallen trees, damaged roofs, crushed cars and difficult conversations with neighbours about who should pay. But what should you do if a neighbour’s tree comes crashing through your roof? Will your…
Read More →