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TODAY'S OTHER NEWS

Estate agents 'lack expertise to sell retirement properties' - claim

A retirement property sales business says increasing numbers of estate agents are considering selling specialist retirement housing “but often without the necessary expertise to advise these sales.”

A market review of the niche sector produced by Retirement Homesearch says the current housing stock of around 120,000 retirement units - accounting for about 2.0 per cent of all homes - is likely to grow given the UK’s ageing population.

But the organisation warns that more mainstream agents are trying to enter the sector, driven by a stock shortage in the wider housing market.

“Whereas once residential high street estate agents may have avoided the reitrement market, due to these properties carrying more complex lease arrangements and restrictions (as well as lower prices), with housing stock so low, retirement properties are now seen as a ready source of instructions” claims the review.

“Our concern in this area is that many high street estate agents do not have the experience or expertise to advise on these complex deals. As such we are concerned to see a higher number of sales to older homeowners of properties that cannot accommodate their needs” says the review - although without saying the properties, locations and agents involved in these apparently innappropriate deals.  

“We strongly believe this is an area that needs more attention and will be working closely with industry bodies and policy makers over the coming months to ensure that older homeowners are protected” says the review.

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