Families are facing challenges in selling inherited retirement properties from elderly relatives, with one individual reducing the price of his late mother’s flat by £55,000 but still struggling to find a buyer. The property, located in Burgess Hill, West Sussex, was bought for £225,000 in 2015 and is limited to buyers over the age of 70 due to its lease terms.
After Joan’s passing at 96 in June 2024, her son Gordon lowered the asking price to £170,000 but has not succeeded in selling the flat. He is now burdened with annual costs amounting to £9,700 for service charges, £435 for ground rent, and £1,044 for council tax.
Another individual shared a similar struggle, having slashed the asking price of their late mother’s flat by £200,000 without receiving any offers. An expert mentioned the possibility of around 10,000 unoccupied retirement properties in privately owned blocks across England and Wales.
Despite this, the Retirement Housing Group (RHG) stated that 95% of retirement properties are currently occupied. In other property news, the average house price in the UK has exceeded £300,000 for the first time, with a monthly increase of 0.7% and an annual rise of 1.0%.
Amanda Bryden, the head of mortgages at Halifax, noted the market’s stability in 2026, highlighting the rise in average prices and annual growth. However, she acknowledged that affordability remains a significant challenge for many potential buyers. Karen Noye, a mortgage expert at wealth manager Quilter, emphasized the impact of crossing the £300,000 threshold on existing homeowners and the additional strain it puts on first-time buyers’ affordability.