Pensioners reluctant to downsize
Published On 8 November 2006
Many pensioners are still living in the first home they bought and are reluctant to downsize if it meant changing property, new research has found.A study by Bradford & Bingley has found that 85 per cent of pensioners treat their home as their castle and would do everything in their power to stay put.
A third (35 per cent) of pensioners said they still lived in the first house they bought and significantly, over one in four (26 per cent) said they would consider working past a pensionable age in order to keep them from having to downsize and move property.
Only one in five pensioners said they would consider downsizing to fund their twilight years.
Gus Park, mortgage spokesman at Bradford & Bingley, said: "Clearly many will have to face some tough decisions if they are to make ends meet in the long term.
"Given the clear desire to retain financial independence in retirement, releasing equity from the home looks set to become an increasingly popular option for those looking to enhance their lifestyle in retirement.
"Senior citizens who find themselves suffering from a shortfall in earnings should seek professional adv ice from a financial adviser and run through all available options that suit their circumstances."
