Last Time Buyers now own £938bn of UK housing stock and will reach the £1 trillion mark this year. This is according to new research released by Legal & General, the FTSE 100 financial services group, and CEBR, the economics consultancy.
Last Time Buyers are downsizing
According to Legal & General’s research, there are now 3.1 million Last Time Buyer households in the UK. The number of homeowners who have considered downsizing has risen from 32% to 39% in the past three years. This demonstrates the demand for better later living options for over 55s. Last Time Buyers make up over a quarter (26%) of all UK households over the age of 55.
The UK has a chronic undersupply of age-specific properties, with only 7,000 homes delivered to this sector last year. This sector was the most under-supplied area of the housing market. Legal & General’s research shows that of the Last Time Buyers who had considered downsizing in the last five years but didn’t, 49% said it was because there were no suitable properties available. A further 29% stated that the properties that were suitable were too expensive.
If the last time buyers were able to move to a property more aligned to their desired lifestyle and needs, large amounts of homes would be freed up for growing families.
Interested downsizing your London property?
For your last time buying queries, contact Henry Wiltshire’s team of estate agents in Hayes or your local Henry Wiltshire branch for expert advice.