Building more retirement properties would free up more than three million homes, offering a lifeline to families desperate to move up the housing ladder, finds a new Demos report.
Analysis by the think-tank reveals 58% of over-60s are interested in moving but feel restricted by a lack of suitable alternative housing or a fear of an unfamiliar environment.
Those interested in downsizing are currently sitting on £400 billion of housing wealth. Helping them move would free up 3.29 million properties, including two million three-bedroom homes. Demos polling shows that three-quarters (76%) of those over-60s wanting to move and occupying three, four and five bedroom houses wish to downsize.
The report also claims that helping the elderly move into retirement properties would lead to a raft of other potential health and economic benefits for them. Improvements in wellbeing and social networks would save health and care services considerable resources, while the equity released could ease pensioner poverty and boost spending in the economy.
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