Families are facing challenges in selling vacant retirement properties inherited from elderly relatives, as revealed by some individuals.
One individual has reduced the price of his deceased mother’s retirement flat by £55,000 but has not succeeded in selling it, leading to significant annual expenses for maintenance fees while the property remains unoccupied.
The property, acquired by Joan Taylor for £225,000 in 2015 in Burgess Hill, West Sussex, came with a 125-year lease and is reserved for individuals over 70 years old, limiting potential buyers.
Following Joan’s passing at 96 in June 2024, her son Gordon Taylor disclosed that he has dropped the asking price to £170,000 with no luck in selling the flat.
Meanwhile, he is burdened with covering the yearly service charge of £9,700, ground rent of £435, and council tax of £1,044.
Expressing his frustration, Gordon stated, “She probably thought she was leaving something to her offspring, only to find that it’s become a millstone.”
Another individual shared a similar struggle, having reduced the asking price of their late mother’s flat by £200,000 without attracting any offers.
An expert cited estimates indicating around 10,000 long-term vacant properties in privately owned retirement blocks across England and Wales, although the Retirement Housing Group (RHG) stated that 95% of retirement properties are currently occupied.
In other property news, the average UK house price has surpassed £300,000 for the first time, rising by 0.7% month-on-month, as reported by Halifax.
Annually, property values saw a 1.0% increase in January, bringing the average price to £300,077.
Amanda Bryden, head of mortgages at Halifax, remarked on the market’s stability in 2026, with average prices rebounding in January and annual growth reaching 1.0%, pushing the typical UK home value over £300,000.
Despite this milestone, affordability remains a concern for many potential buyers, according to mortgage experts like Karen Noye from wealth manager Quilter.
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