Families are facing challenges in selling vacant retirement properties inherited from elderly relatives, as revealed by recent accounts.
One individual has significantly reduced the price of his late mother’s retirement flat by £55,000 but has been unsuccessful in finding a buyer. Despite lowering the asking price to £170,000, he continues to incur substantial annual fees while the property remains unoccupied.
The flat, purchased by Joan Taylor for £225,000 in Burgess Hill, West Sussex, in 2015, with a 125-year lease, is situated in a block exclusively for individuals aged 70 and above, limiting potential buyers.
Following Joan’s passing at 96 in June 2024, her son Gordon Taylor shared the challenges of selling the property despite the price drop. He now shoulders the burden of an annual service charge of £9,700, ground rent of £435, and council tax of £1,044.
Another individual recounted a similar struggle after reducing the asking price by £200,000 for their late mother’s flat, yet failing to attract any offers.
While an expert estimated approximately 10,000 long-term vacant properties in privately owned retirement complexes across England and Wales, the Retirement Housing Group (RHG) stated that 95% of retirement properties are currently occupied.
In other property news, the average UK house price has exceeded £300,000 for the first time, rising by 0.7% monthly, according to Halifax. Additionally, property values saw a 1.0% annual increase in January, bringing the average price to £300,077.
Amanda Bryden, head of mortgages at Halifax, emphasized the steady growth in the housing market in 2026, with prices rebounding in January and annual growth reaching 1.0%, marking a significant milestone in surpassing the £300,000 threshold.
Despite the positive market activity, challenges in affordability persist for many potential buyers, as highlighted by mortgage expert Karen Noye from wealth manager Quilter, who noted the implications for both existing homeowners and first-time buyers.