Last week, I wrote an article on the plight of the Maidstone
20 something’s often referred to by the press as ‘Generation Rent’. Attitudes
to renting have certainly changed over the last twenty years and as my analysis
suggested, this change is likely to be permanent. In the article, whilst a
minority of this Generation Rent feel trapped, the majority don’t – making
renting a choice not a predicament. The Royal Institution of Chartered
Surveyors (RICS) predicted that the private rental sector is likely to grow substantially
by 1.8m households across the UK in the next 8 years, with demand for rental
property unlikely to slow and newly formed households continuing to choose the
rental market as opposed to buying.
However, my
real concern for Maidstone homeowners and Maidstone landlords alike, as I
discussed a couple of months ago, is our mature members of the population of Maidstone.
In that previous article, I stated that the current OAP’s (65+ yrs in age) in Maidstone
were sitting on £4.01bn of residential property ... however, I didn’t talk in
depth about the ‘Baby Boomers’, the 50yr to 64yr old Maidstone 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 Maidstone,
there are 7,655 households whose owners are aged between 50yrs and 64yrs and
about to pay their mortgage off. That property is worth, in today’s prices, £2.52bn.
There are an additional 7,626 mortgage free Maidstone households, owned by 50yr
to 64yr olds, worth £2.51bn in today’s prices, meaning...
Maidstone Baby Boomers and Maidstone OAP’s are sitting
on £9.05bn worth of Maidstone Property
These Maidstone
Baby Boomers and OAP’s are sitting on 27,471 Maidstone 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
Maidstone (and the Country) homeowners to downsize at the right time will also
enable younger Maidstone 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 Maidstone and the Planning Dept. should play
their part, as should landlords and property investors to ensure Maidstone’s
‘Generation Trapped’ can find suitable property locally, close to friends,
family and facilities.
If you are looking for an agent that is well established, professional andcommunicative, then contact us to find out how we can get the best out of your investment property.
Email me on claire.harvey@seekersmaidstone.co.uk or call on 01622 671878. If you are in the area, feel free to pop into the office – we are based on 53 High Street, Maidstone, ME14 1SY. There is plenty of free parking and the kettle is always on.
Don't forget to visit the links below to view back dated deals and Maidstone Property News.
LinkedIn, www.linkedin.com/in/claireharveyestateagent
Blog, http://maidstonepropertyblog.blogspot.com/
Facebook, https://www.facebook.com/SeekersHomesUK
Twitter, https://twitter.com/seekershomes
Website, http://www.seekershomes.co.uk/
If you are looking for an agent that is well established, professional andcommunicative, then contact us to find out how we can get the best out of your investment property.
Email me on claire.harvey@seekersmaidstone.co.uk or call on 01622 671878. If you are in the area, feel free to pop into the office – we are based on 53 High Street, Maidstone, ME14 1SY. There is plenty of free parking and the kettle is always on.
Don't forget to visit the links below to view back dated deals and Maidstone Property News.
LinkedIn, www.linkedin.com/in/claireharveyestateagent
Blog, http://maidstonepropertyblog.blogspot.com/
Facebook, https://www.facebook.com/SeekersHomesUK
Twitter, https://twitter.com/seekershomes
Website, http://www.seekershomes.co.uk/
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