Date Published 14 May 2019
‘LAST-TIME BUYER' NUMBERS INCREASE IN HOME PURCHASES'
Whilst first-time buyers make up just over 50% of residential home purchases currently, a further 30% of purchases, accounting for approximately 200,000 homes, are being made by buyers aged
55 or older.
This research, conducted by the Intermediary Mortgage Lenders Association (IMLA), states that of this group, many are cash buyers, using the large equity reserve in previously owned properties to
downsize to their ideal last home and retain the excess cash; 63% of these older homeowners own their properties outright.
The IMLA went on to add the caveat, that whilst only 2.5% of those eight million older homeowners actually move each year, it predicts that this small cohort will grow exponentially faster than any previous generations over the next 10-20 years.
This article can be found in Intrinsics Residential Property Review for April 2019
