The number of homeowners aged 55 and above moving home has almost doubled in 10 years to 200,000 a year, with more than 80% fully funding their purchase, according to the Intermediary Mortgage Lenders Association (IMLA). Almost two-thirds of older homeowners own their property outright, accounting for 84% of all mortgage-free homeowners. But there are signs that this trend is slowing. The executive director of IMLA, Kate Davies, called on the government to work with lenders and housebuilders to start initiatives similar to the Help to Buy scheme but aimed at last-time buyers.
The number of homeowners aged 55 and above moving home has almost doubled in 10 years to 200,000 a year, with more than 80% fully funding their purchase, according to the Intermediary Mortgage Lenders Association (IMLA). Almost two-thirds of older homeowners own their property outright, accounting for 84% of all mortgage-free homeowners. However, many last-time buyers are held back by poor choice, affordability and the cost of moving. The executive director of IMLA, Kate Davies, called on the government to work with lenders and housebuilders to start initiatives similar to the Help to Buy scheme but aimed at last-time buyers.