Hertfordshire pensioners struggling to make their next property move

The finances don't add up for many pensioners looking to make a move. Picture: Getty

The finances don't add up for many pensioners looking to make a move. Picture: Getty - Credit: Getty Images/iStockphoto

26 per cent of pensioners in the south east are considering downsizing over the next five years – but many are struggling to make their move.

According to new research from over-55s financial specialist Key Retirement, a combination of money issues and a lack of suitable homes is stopping the 170,650 interested over-65s in our region - a total of 1.45 million people throughout Britain – from moving on.

Dean Mirfin, Chief Product Officer at Key Retirement said: “Downsizing should make financial sense for older homeowners as it releases money to pay for retirement and it also should make sense for the property market as a whole as it frees up bigger houses.

“But despite the numbers of older homeowners wanting to downsize it is clear they face problems in finding suitable homes for retirement and for many the finances just don’t add up. Unfortunately, that leaves them struggling to maintain homes, and in many cases, struggling financially.”

A partial solution has been offered by retirement housebuilder McCarthy and Stone, which has launched an estate agency dedicated to helping older people downsize.

McCarthy and Stone Resales will find buyers for pre-owned properties built and managed by McCarthy and Stone as well as selling to old and new customers keen to embrace the retirement living lifestyle.

David Gabriel, Resales Manager at McCarthy and Stone, said: “Downsizing rates in the UK are low simply because there isn’t enough affordable housing choice for older people.

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“Along with helping homeowners sell their retirement properties, this new initiative also allows us to provide retirees with another option, and often in areas where there is currently no choice of off-plan or newly-built properties.”