The over-65s could help ease the housing shortage by downsizing and ultimately lead to an extra 4.2 million homes on the market, claims a retirement service provider.
“This is something we’ve been talking about for years. Over-65s are sitting on an estimated housing wealth of £1.34 trillion, which many would like to use to help fund their retirement. Downsizing is something many would consider, but a shortage of retirement properties can prove a barrier” claims Peter Girling of Girlings Retirement Rentals.
Girlings highlights that if people were to downsize and rent on assured tenancies rather than buy a retirement property, they would enjoy the security of ownership without having to tie up any capital.
He says the number of over-65s is expected to increase by more than 50 per cent to 17.2m in the next 20 years but separate research from retirement builder McCarthy & Stone say that only around 141,000 specialist retirement homes have been built.
“More needs to be done to ensure a flow both up and down the property ladder, with more attractive and appropriate homes built for sale or rent that older people can downsize to should they wish” says Girling.
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Why should retired people downsize before they want to, or can afford to?
They have earned the right to live where they want to.
More and more older people are taking in their younger relatives to ease the housing situation anyway, and this is a trend which will continue.
All this retirement service provider seems to want to do is drum up some business - no doubt so he can retire into a small palace in the country to?
Goodness - what ever next!! Slogged me guts out for 50 years - still working and paying tax but now I've got to downsize, you couldn't make it up!!
I thought downsizing meant you sold your big house and bought a smaller one. Where do the extra 4.2million homes come from?
I agree, are all these over 65's moving in to the same house? Otherwise where does that figure come from?
He wants them to rent - because he is a retirement rentals company. Hence the encouragement for people to downsize - makes him more money!!
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