The Silver Economy ( older home owners 55+) are currently a very active group in the UK property market and are showing good levels of growth year on year, with 46% more property exchanges in the first quarter of 2018 compared to the same period of 2017.
According to the national home mover report from customer insights company TwentyCi, the active growth in the property market for the 55+ age groups is undoubtedly fuelled by a combination of pension drawdown and equity retrieval as the baby boom generation accesses the wealth accumulated in their properties and pensions.
Colin Bradshaw, Chief Customer Officer at TwentyCi said “We are also seeing a big uplift in buyers aged 66+ moving to semi-detached properties. This could infer either an increase in downsizing to release equity – which we would expect to trickle down into the economy – or alternatively older couples splitting up. While the latter is good for the property market, it would be less of a boon for the economy in general.”