Families are facing challenges in selling inherited retirement properties from elderly relatives, struggling to find buyers despite reducing prices significantly.
One individual cut the price of his late mother’s retirement flat by £55,000 but has not managed to sell it yet, incurring substantial annual fees for maintenance while the property remains vacant.
The flat, purchased for £225,000 by Joan Taylor in 2015 in Burgess Hill, West Sussex, comes with a 125-year lease and is exclusive to individuals over 70, limiting the potential buyer pool.
Following Joan’s passing in June 2024 at 96, her son Gordon Taylor has lowered the asking price to £170,000 but faces challenges in securing a sale.
Managing the annual service charge of £9,700, ground rent of £435, and council tax of £1,044, Gordon expressed disappointment, stating that what was meant to be a legacy has turned into a burden.
Another case highlighted a seller dropping the price of their late mother’s property by £200,000 without attracting any offers, reflecting a wider issue of empty retirement properties in privately owned blocks across England and Wales.
While an expert cited a potential 10,000 vacant properties in such retirement blocks, the Retirement Housing Group (RHG) noted 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. Annual property values increased by 1.0% in January, reaching an average price of £300,077.
Amanda Bryden, head of mortgages at Halifax, highlighted the stable housing market at the start of 2026, with prices rebounding and annual growth surpassing 1.0%, pushing the UK home average above £300,000, although affordability challenges persist for many buyers.
Karen Noye, a mortgage expert at wealth manager Quilter, emphasized the significance of crossing the £300,000 threshold for existing homeowners but acknowledged the added difficulty for first-time buyers amid stretched affordability concerns.