Much has been heard about the plight of Britain’s JAMs – the Just About Managings – but lest we forget about another group in society who are also feeling bottled in.
Across the UK, there is soaring demand for retirement housing, created by an unprecedented increase number of seniors, who no longer want to live in homes that are now too big or too unmanageable.
Sadly, there is currently not enough purpose built retirement homes to meet this demand and which has now resulted in a ‘stuck generation’ for thousands of over 55’s. With 11.4 million people aged 65 or over currently living in the UK, just 141,000 units of specialist retirement housing for ownership have ever been built. Those aged 85 and over are expected to more than double in the next 20 years to 3.2 million and those 65 and over are expected to increase by more than 50 per cent to 17.2 million.
Millions of retirees across the UK would dearly like to downsize. This not only allows them to release equity to fund their retirement, but also provides a home that is easier to maintain. Retirement communities also provide a ready-made social scene on the doorstep that combats one of the biggest blights of older age, loneliness.
On other major reason why retirees remain in their larger-than-needed-homes is the stress that comes with moving. Selling a home is ranked as the second most stressful life event (after divorce) and so it’s understandable that people of a certain age might not want to go through the process again so late in life.
To solve this, Silverbridge Properties, working hand in hand with retirement builders such as Churchill Retirement and Audley, offer Part Exchange schemes that remove all the stress out of moving home. Instead of selling through an estate agent, which is often prone to delays and fall-throughs, we step in and purchase the property for cash, which is then transferred to the developer on completion of the new retirement property. We even take care of all the paperwork and legal fees and can even allow the homeowner to remain in their old home for up to two weeks after completion, to make the moving day even easier.
According to Russell Baldwin, MD of Silverbridge Properties;
“We know that almost one in three of retirees feel it is likely that they would have difficulty living in their current home if there were changes in their health or mobility. Enabling people to downsize and release family housing stock is a key part of the equation in solving the UK’s housing crisis.”
“Unfortunately, the UK’s planning system has been woefully unprepared for the demographic shift in over 55’s which has created a new ‘Generation Stuck’ dilemma. Greater retirement choices would improve the lives of older people, release millions of under-occupied family-sized homes onto local markets, stimulate housing chains and help younger people move up the ladder.”