The Chancellor’s announcement on help for first-time buyers has met with mixed reactions. Although some first-time buyers will benefit from shared ownership loans for newly-built homes, the measures still don’t address the fundamental problems preventing the majority of younger people getting on the housing ladder.
The budget also appears to ignore problems at the other end of the housing market for what can be termed ‘last-time buyers’. Many older homeowners are finding it impossible to sell their home, allowing them to downsize to more suitable and manageable forms of housing.
This is also important in terms of freeing up larger family housing, which is a key aspect of the debate around under occupation and making better use of the existing stock. Some retirement housing providers are now helping older homeowners to move through deferred payment, but many will have no choice but to put off moving for many years – if at all. Continue reading “What about last-time buyers?”