Sunday, 14 July 2013

"owner-occupiers aged 55 and over account for 56% of the UK's total equity"

First-time buyers lose out as cash-rich retirees downsize and snap up smaller homes outright

"If they choose to downsize, this group are popular with sellers and estate agents alike as they are often cash buyers or only need small mortgages".

"It's easy to see why first-time buyers might be aggrieved by this news as they are competing with rising numbers of cash-rich buyers who aren't struggling on tight budgets" 


adamcollyer said...

Hmm. Yet more evidence the Guardian doesn't have a clue.

Estate agents prefer first time buyers because they don't have a house to sell so no chain.

55 year olds and over obviously account for most equity as they are the ones nearing paying off their mortgages.

Morgan Charles said...

You could just as well say "First-time buyers saved from housing Ponzi scam as cash-rich retirees downsize and snap up smaller homes outright".

Bob E said...

AC, well to be fair to Graham Norwood, who would appear to be one the G's regular property persons, he appears to be shall we say repeating what the estate agents and mortgage brokers quoted in the article are telling him, basically, "we like downsizers".

Mark Wadsworth said...

I'm surprised it's that little. I suppose they must have all been doing equity release like idiots.