From first to last
You’ve heard of first time buyers, but what about last time buyers?
According to insurance giant Legal & General, there is a whole generation of older people struggling to make their final property move.
These ‘last time buyers’ are increasingly remaining in their old family home – perhaps with more bedrooms than needed or an unmanageable garden – instead of moving into somewhere more appropriate.
Legal & General says that up to half of this generation are unable to downsize because of the lack of properties.
It says that three in 10 last-time buyers are still living in the first property they ever purchased, and almost half have lived in their home for 30 years or more.
Enabling this generation to move on would free up more families sized homes and in turn allow more first time buyers onto the market too.
It sounds simple, but there are all sorts of factors at play.
These could include each individual’s own financial circumstances, housing supply of the right kinds of properties locally, levels of support to help older people to move, public sector drives to keep people at home rather than into care and, not least, demographics which show an ageing population.
Find out more on the Legal & General website at https://www.legalandgeneral.com/.
Please don’t hesitate to speak to us about your own or a relative’s requirements for downsizing too.