The term last time buyers is the fact of the UK housing shortage.
The housing market in the UK is stagnant, largely because there aren’t enough new houses being built for people to move into. With over 11.4 million homeowners over the age of 55 classed as Last Time Buyers.
These “Last Time Buyers” (LTBs) are sitting on £820 billion of property wealth and 7.7 million spare bedrooms. The equivalent to 2.6 million family homes.
Imagine the possibility of freeing up these houses ?
What huge affect this would have. So why has nothing happened ?
First, many older homeowners allow inertia to keep them in their current home, which is often no longer fit for purpose and expensive to maintain. Also, many of those 55 and over – and 63% of those with at least two spare bedrooms – do intend to move, but all too often, they leave it late. More than half believe that it will be best to wait until they are over 70 before moving, and a quarter will wait until 80. Coupled with a lack of suitable alternatives, high asking prices and the potential tax burden when they do try to downsize, this means that many will never make the move.
We need tax advantages to help our retired population down size and free up homes and nlock huge amounts of wealth.