Lack of retirement homes prompts consideration of Equity Release
A recent research study looking at home ownership aspirations revealed that for older people in the UK (aged 55 and over) the most important features of their future home were being near to good health care, living within a strong community and having their own private garden. Additionally another research report looking at ‘Last-time buyers’ found there were around 3.3 million older UK homeowners (aged 55 and over) who want to downsize. However most of these potential downsizers are unable to make a move due to a lack of suitable property for them to move into.
Richard Espley Head of Equity Release comments:
“There’s been increasing media coverage of the housing shortage but what these reports reveal is more than just a general shortage – it’s a shortage of suitably sized and located homes for one sector of the population notably older people. Faced with this shortage many of these older people are concluding that their best course of action is to stay put. However that’s leaving many of them with the financial burden of running a home that’s too large really for their financial means.
“In this situation one approach some older people are choosing to take is to release property equity so that remaining in their home is more financially comfortable whilst they can remain in a familiar community and near to their existing healthcare facilities.”
Content correct at time of publication