Recent news reports have highlighted that over 75% of Britain’s housing equity now belongs to the over 50s. With an ever-growing and aging population, are less people selling their properties and as a result reducing mobility in the market?
A study by Lloyds Bank, reported by Estate Agent Today, found that 63% of ‘Empty Nesters’ are enjoying their home now they aren’t sharing it with their children, however 14% felt their home is too empty.
At the other end of the spectrum, under 35s account for just 4% of the housing wealth in the UK, with the ‘Generation Rent’ is rising, as the average first time buyer is now 30 years old. Partially due to the increasing eligibility criteria first –time buyers are up against.
However, despite the many contributing factors that influence the housing market, I would still hesitate to call the market stagnant. Despite a slow start to the year, not helped by the severe weather, we are encouraged by the activity we have seen in the Portsmouth housing market.
A recent RICS study, reported that people are still on the move. And a moving market is the key to a healthy market! So is there reduced mobility in the market? I don’t think so, however this is more red tape to get first-time buyers in and more Empty Nesters enjoying their homes again.
Just remember, the market will always fluctuate and I truly believe that the right time to sell is unique to every vendor, and you should do so when it best suits you and your family.