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 3/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Oxford to Cambridge Growth Corridor launches shared vision to become a top-10 global innovation cluster Later today, at a major science and innovation conference hosted by Bidwells at Westminster’s QEII Centre, the Chancellor, Science Minister Lord Vallance and Housing Minister Matthew Pennycook will set out a…
Read More →
Estate Agent Talk

Refurbishment budget requirements approach £86,000

Jonathan Samuels, CEO of specialist lender, Octane Capital, believes that whilst refurbishment projects continue to offer some of the strongest value-add opportunities within the property market, investors must ensure they budget appropriately from the outset, with contingency planning often proving the difference between a successful project and one that stalls before completion. Octane Capital analysed average…
Read More →
Letting Agent Talk

Renting for Life: Six in Ten Tenants are Staying Longer Than They Ever Planned

Six in ten tenants across England and Wales are renting for longer than they ever planned to, according to new research from LRG. The Spring 2026 Lettings Report, which draws on responses from 650 landlords and tenants, found that 40% say they have been in the rental market for much longer than they expected, with…
Read More →
Estate Agent Talk

Keep Your Move on Track: Reducing the Risk of a Fall Through

Buying or selling a home is one of the biggest financial commitments most people will ever make. Unfortunately, not every agreed sale reaches completion. When a transaction collapses before contracts are exchanged, it is known as a “fall through”. Fall-throughs can be costly, causing delays, financial losses, and significant stress for everyone involved. Buyers may…
Read More →
to let sign 2025
Breaking News

London rents up just 0.7% since RRA became law

The latest research from London lettings and estate agent, Benham and Reeves, has revealed that rental growth across London has remained consistent since the Renters’ Rights Act received Royal Assent, with rents increasing by just 0.7% since, the same rate of growth seen during the equivalent period prior to October of last year. In fact,…
Read More →
Letting Agent Talk

Will RRA mean almost 50% of renters need a guarantor?

A surge in tenants who require a rent guarantor is coming to the post-RRA rental market   New analysis by Zero Deposit reveals that the proportion of local authority districts in which the average tenant is likely to need a rent guarantor to secure pass tenancy affordability checks could increase from one-in-five to almost one-in-two…
Read More →