Families are facing challenges in selling inherited retirement properties from elderly relatives, as revealed by some individuals.
One man, for instance, has reduced the asking price of his late mother’s retirement flat by £55,000 but has still not been able to secure a buyer. Consequently, he is burdened with ongoing costs amounting to thousands of pounds annually while the property remains vacant.
This particular case involves Joan Taylor, who acquired a flat in Burgess Hill, West Sussex, for £225,000 in 2015. The property, part of a block exclusively for individuals over 70, is now being offered by her son Gordon Taylor for £170,000 without success since her passing in June 2024 at the age of 96.
The situation has left Gordon responsible for covering various expenses, including an annual service charge of £9,700, ground rent of £435, and council tax of £1,044. He expressed his disappointment, stating, “She probably thought she was leaving something to her offspring, only to find that it’s become a millstone.”
In a similar scenario, another individual shared struggles in selling their late mother’s flat, even after reducing the price by £200,000.
According to an expert, there could be around 10,000 unoccupied properties in privately owned retirement complexes across England and Wales. However, the Retirement Housing Group (RHG) reported 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, as reported by Halifax. Additionally, property values rose by 1.0% annually in January, reaching an average price of £300,077.
Amanda Bryden, the head of mortgages at Halifax, commented on the market’s performance, noting a positive start to 2026 with price growth and market resilience. She also highlighted affordability challenges for many potential buyers despite the milestone of the average UK home price exceeding £300,000.
Mortgage expert Karen Noye from wealth manager Quilter emphasized the impact on first-time buyers, stating that breaking the £300,000 threshold is a positive development for existing homeowners but presents additional obstacles for those already struggling with affordability issues.
