• 08 November 2021

The Housing Minister’s call urging pensioners to downsize has been welcomed by Robert Bull, the Chief Executive Officer of RoyaleLife, the UK’s largest bungalow provider.

Chris Pincher, the MP for Tamworth, told the House of Lords that almost four in ten properties are ‘under-occupied’ and could be better used by younger families with children. He said the Government was keen to encourage housebuilders to create more developments suitable for pensioners, freeing up housing stock and, in turn, opening up more places for first-time buyers.

Mr Pincher continued: “I think there is definitely an opportunity to encourage downsizing, (thereby) encouraging the growth of the later-living sector in order to free up homes in the middle of the market.”

Earlier this year, RoyaleLife released a White Paper entitled “A resurgence in single storey living and the promise of a better life.” Commenting on the Minister’s speech, Robert Bull said: “In my view, it’s a life where retirees, and those planning their later years, can safely profit from downsizing. They can sell their now too-large family homes, move into a RoyaleLife bungalow and thereby create a nest egg to draw on in retirement. Importantly, it means they can also continue to enjoy all the benefits of a lovely, luxuriously furnished home while living in a wonderful, supportive gated community. We see such a weight lifted off the minds of our customers as they embark on their new lives.”

The Minister’s comments to the Lords’ built-environment committee come amid increasing concern that young people are unable to get on the housing ladder because of soaring prices and a huge shortage of suitable properties. In the House of Lords, Mr Pincher was asked by Baroness Bakewell, former ‘tsar for the elderly’, what thought was being given to the increasing numbers of older people who may wish to downsize.

The Minister replied: “The challenge is that in the early 1990s, something like 31 per cent of properties were under-occupied: They were too big for the numbers of people rattling around inside them. And now that percentage is 38 per cent. So, it’s a very significant number of properties where we see under-occupation.”

Over the past decade, RoyaleLife has been redefining single storey living making downsizing a highly desirable option for mature homeowners. Purchasing a RoyaleLife bungalow through its highly respected Home Part Exchange Scheme ensures the buyer receives 100 per cent of the market value of their own home. Having bought their bungalow, they will receive a welcome cash windfall to fund retirement plans or enable over 50s to support their lifestyles.

Mr Bull said: “Our bungalows are situated on wonderful sites with a true community feel and the fact they are found throughout the country, family need never be far way. I’m also pleased to announce that we have just completed on six exciting locations across the UK, adding greater capacity to both our stock and range of bungalows. This, with some planning gains over the last two weeks, has taken our plot bases to over 24,000.” 

“At RoyaleLife we know only too well that the UK property market is experiencing a dire shortage of suitable family homes for sale at present. Like the Housing Minister, I would urge pensioners to seriously consider downsizing. Moving into a RoyaleLife bungalow offers a very practical solution: there’s no stamp duty to pay and we’ll even take care of the estate agents and solicitors’ fees.”

Find our more about buying with RoyaleLife today.

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