Elderly selling homes in hunt for cash - Pru

Almost nine out of ten people over the age of 65 are being forced to consider a property move as a means of elevating their financial standing, new research indicates.

A survey conducted by TNS for life assurer Prudential found while 32% people aged over 55 have moved for financial reasons, as many as 86% of respondents aged over-65 and considering moving homes are doing so because of financial hardship.

Moreover, 59% of the 86% of over 65’s are planning to downsize their property to release equity, according to Pru, questioning 652 UK adults aged over 55.

At least 58% of people who have moved since turning 55 did so seeking a change in lifestyle, including an escape to the country or sunnier climates.

Additionally, of the 32% of over 55s who moved since turning age 55, 19% did so to release equity while 13% moved for financial reasons.

Ali Crossley, director for Prudential’s lifetime mortgages says: “Our research suggests a new trend is emerging: over-55s are making a lifestyle choice, and moving home to improve their quality of life. We all dream of moving to the coast or being closer to our families – and these so-called ‘lifesizers’ are living the dream."

Crossley cautions people who are already eating into their pensions savings, feel ‘downsizing’ may be forced upon them.