It is easy to see why so many people are interested in the fate of first-time buyers. Stepping on to the property ladder is a huge part of life, and the market needs new buyers to continue growth and development. However, with an ageing population, a growing level of focus falls on those enjoying their golden years. Last-time buyers enjoy greater prominence in the market today, and it is essential that vendors realise that this is a demographic that may want to buy their house.

Elderly people are active in property market

In a study carried out by the Intermediary Mortgage Lenders Association, the IMLA suggests that around 200,000 properties each year are bought by people aged 55 or older. This figure equates to one in three property deals. The numbers associated with property buyers in this age group have doubled in the past ten years. Another factor to consider is a lot of buyers in this sector are cash buyers.

Kate Davies is an Executive Director of the IMLA, and she said; “Our increased life expectancy and a growing number of people aged 55 plus means that, far from being a niche sector, the number of last time buyers in England has doubled within a decade. It’s clear that there is much appetite among older homeowners to move into a property better geared to their needs in later life, whether that be in terms of preferred location, character or size, but they face a number of headwinds in achieving that.”

Improved life expectancy is positive for the nation

The issue of increased life expectancy and people living well for longer is a huge factor in the country’s development and growth. This situation has impacted on fewer homes being freed up to the market, one factor in the stalling of supply of houses, but in time, there may be a positive influence in the market.

Davies continued by saying; “It is curious that house builders appear to have been slow to recognise what could be a sizeable market for a variety of designs that combine practicality, low maintenance and energy efficiency. Retirement developments aimed at senior citizens have their place, but they’re not appropriate for everyone.”

There is a need to provide a property that appeals to people aged 55 and older. There are some areas where the needs of this market replicate the needs of first-time buyers, but there are also unique needs and requirements. With this market increasing in size and importance, there is scope for developers to reach out to this group and benefit by meeting their needs.

As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation, please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html