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Thousands of pensioners set sights on becoming last-time buyers

Thousands of pensioners set sights on becoming last-time buyers

Almost a quarter of pensioners who own their own home are planning to become last-time buyers.

New research from the Prudential says that 73% of the UK’s 10.4m pensioners are home-owners.

Of these, 26% expect to sell their property, with most – four in five – planning to buy another.

This is equivalent to around one million homes being bought and sold by pensioners, many of whom will release substantial amounts of cash by downsizing.
The majority of retirees who plan to sell up and buy another property want to move into a smaller and less expensive home. On average, they expect downsizing to raise as much as £62,000.
Prudential’s research also shows that over one in five (22%) retired homeowners still have an outstanding mortgage, with average monthly payments of £254.
The convenience of running a smaller home was the most commonly stated motivation for those who plan to downsize: 48% say they want a simpler life. Separately, 22% claim that raising money is the main driver for their sale, while 11% want to reduce household bills.

Staying on the property ladder remains the overwhelming preference among retired home owners. Just 6% intend to move into specialist retirement accommodation, while only 4% expect to move into a rental property.

Stan Russell, retirement expert at Prudential, said: “Housing wealth is potentially a significant source of additional retirement income for pensioners who own their own home. This is why so many of Britain’s pensioners are planning to become last-time buyers.”