Families are facing challenges in selling inherited retirement properties from elderly relatives, struggling to find buyers even after reducing prices significantly.
One individual, Gordon Taylor, has lowered the asking price of his late mother’s retirement flat in Burgess Hill, West Sussex, by £55,000, yet the property remains unsold. The flat, purchased for £225,000 in 2015, is part of a complex exclusively for individuals over 70 years old, limiting potential buyers.
Despite reducing the price to £170,000, Gordon Taylor continues to grapple with selling the property, bearing the burden of annual costs amounting to £9,700 for service charges, £435 for ground rent, and £1,044 for council tax. He expressed disappointment, stating that the property has become a financial burden instead of an inheritance.
Another individual shared a similar experience, having discounted their late mother’s flat by £200,000 without receiving any offers. According to an expert, there may be approximately 10,000 unoccupied properties in privately owned retirement communities across England and Wales.
Contrary to this, the Retirement Housing Group (RHG) states that 95% of retirement properties are currently occupied. In other property news, the average house price in the UK has surpassed £300,000 for the first time, with a 0.7% monthly increase reported by Halifax.
The annual property value rose by 1.0% in January, reaching an average price of £300,077. Amanda Bryden, head of mortgages at Halifax, highlighted the market’s stability in 2026, noting the positive trend in property prices. However, she acknowledged the ongoing affordability challenge for many prospective buyers.
Karen Noye, a mortgage expert at wealth manager Quilter, echoed concerns about affordability, particularly for first-time buyers, as the average home price surpasses £300,000.