SunLife has released its Home Sentiment Report, which showed the average person in their 50s, 60s, 70s and 80s have been living in the same property for 20 years, while half have not moved in more than two decades.
While 55 per cent would love to stay in their current residence forever, many might not have a choice but to move. This is because one in five people over 55 do not have as much money as they thought they would at this point in their life and need to sell in order to relieve their financial burden.
Equity release service director at SunLife Simon Stanney was quoted by Property Reporter as saying the over 55s are a “property rich, cash poor generation”.
“On average, people over 55 have seen their homes increase in value by around £135,000,” Mr Stanney stated.
Therefore, they could receive a huge amount of money if they sell their property – particularly, if they have paid off their mortgage.
Homeowners might be even more tempted to purchase somewhere new at the moment, after Rightmove revealed property values dropped by 1.5 per cent between December 2017 and 2018, meaning buyers could pick up a bargain.
To find somewhere that could become your new ‘forever home’, take a look at houses for sale in Retford here.