However, my real concern for Aylesbury homeowners and Aylesbury landlords alike, as I discussed a couple of months ago, is our mature members of the population of Aylesbury. In that article, I stated that the current OAP’s (65+ yrs in age) in Aylesbury were sitting on £2.13bn of residential property ... however, I didn’t talk in depth about the ‘Baby Boomers’, the 50yr to 64yr old Aylesbury people and what their properties are worth – and more importantly, how the current state of affairs could be holding back those younger Generation Renters.
In Aylesbury, there are 5,039 households, whose owners are aged between 50yrs and 64yrs and about to pay their mortgage off. That property is worth in todays prices £1.87bn. There are an additional 4,021 mortgage free Aylesbury households, owned by 50yr to 64yr olds, worth £1.49bn in today’s prices, meaning...
Aylesbury Baby Boomers and Aylesbury OAP’s are sitting
on £5.49bn worth of Aylesbury Property
These Aylesbury Baby Boomers and OAP’s are sitting on 14,798 Aylesbury properties and many of them feel trapped in their homes, and hence I have dubbed them ‘Generation Trapped’.
Recently, the English Housing Survey stated 49% of these properties owned by the Generation Trapped, as I have dubbed them, are ‘under-occupied’ (under-occupied classed as having at least two bedrooms more than needed). These houses could be better utilised by younger families, but research carried out by the Prudential suggest in Britain it’s estimated that only one in ten older people downsize while in the USA for example one in five do so.
The growing numbers of older homeowners who want to downsize their home are often put off by the difficulties of moving. The charity United for all Ages, suggested recently many are put off by the lack of housing options, 19% by the hassle and cost of moving, 14% by having to declutter their possessions and 14% by family reasons such as staying close to children and grandchildren.
Helping mature Aylesbury (and the Country) homeowners to downsize at the right time will also enable younger Aylesbury people to find the homes they need – meaning every generation wins, both young and old. However, to ensure downsizing works, as a country, we need more choices for these ‘last time buyers’.
Theresa May and Philip Hammond can do their part and consider stamp duty tax breaks for downsizers, our local Council in Aylesbury and the Planning Dept. should play their part, as should landlords and property investors to ensure Aylesbury’s ‘Generation Trapped’ can find suitable property locally, close to friends, family and facilities.