Elderly ‘should move’
ENCOURAGING older home owners to downsize could benefit them and the property market, a report has said.
A lack of new housing has contributed to a rampant increase in property prices over decades, experts added.
The report from the International Longevity Centre says: “Providing a better choice of options for older people looking to downsize would unlock substantial equity... while releasing existing family homes into the market.”
It says they should be offered the kind of “shared ownership” options available to firsttime buyers.
This would allow them to downsize from family homes and use their equity to supplement their pension.
Co-author Sir Michael Lyons said: “Finding ways in which local authorities can promote, support, finance and commission new homes will be critical to achieve the Government’s house-building targets and in ensuring greater commissioning of homes suitable for older people.”