There is always a rush to stick labels onto people and groups because this makes it easier to collate them together. Some new terms that have arisen in recent times that are relevant to the property market are “Generation Stuck” and “Generation Rent”. Neither of these titles strike you as being hugely positive and it may be that the people with these titles would much prefer they weren’t so accurate and relevant.

The phrase “Generation Stuck” has been applied to older homeowners who are unable to find downsizing options that are suitable for them. The term “Generation Rent”, as you can probably imagine applies to the group of people who cannot find or afford a place to buy, forcing them to rent property.

There are many property problems to resolve

There is a growing realisation that it should be possible to solve both problems together. One company which has an obvious role in the downsizing area of the industry is McCarthy & Stone, because they are a retirement homes builder. The firm believes that older people find that they have limited options when it comes to downsizing and that many of the options they do have are too expensive.

The company is calling for a stamp duty exemption to be introduced for older people who downsize their current home or who move into a retirement home. Given that this would make moving into a retirement home much more affordable, you can see why some people feel that they are too close to the industry to make this sort of call, but there is no denying that there is a growing market of people who could benefit from downsizing their property.

Downsizing solutions could change the property market

There have been various reports suggesting more elderly people are looking to downsize, which could free up a total of 2 million properties if some of the extrapolations are proven to be correct. In this regard, there may be a need for the market to consider the importance of “later homes” in addition to homes that are ideal for first-time buyers. Then again, there is an argument that the needs of a first-time buyer aren’t too different from the needs of a last-time buyer.

The Chief Executive of McCarthy & Stone released a statement saying; “Millions of older people are looking for properties better suited to their needs, and young people are desperately trying to join the housing ladder. By providing more suitable housing, such as bungalows, retirement housing or other well-designed accommodation for later life, we can address a big part of the housing crisis.”

As Stockport property specialists, we are here to make a difference. 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