For decades, UK baby boomers have benefitted from rising property prices, turning homes into significant financial assets. However, as retirement approaches, many in Lancaster face a dilemma: their current homes no longer suit their needs, but finding suitable alternatives is nearly impossible.
From Winners to Woes
Lancaster baby boomers (aged 59–78) have seen property values skyrocket. The average Lancaster home has risen from £10,124 in 1974 to £268,233 today, contributing significantly to their wealth. Yet, as they age, they need more accessible homes—bungalows, ground-floor apartments, or properties without stairs. Unfortunately, such homes are critically scarce.
Recent research shows fewer than 10% of UK homes are mobility-friendly, with the average owner staying in these properties for 22 years. In 2024, only 102 bungalows were sold in Lancaster, leaving many retirees stuck in family-sized homes ill-suited for their stage of life. Rising living costs, including energy bills and insurance, compound the problem, making downsizing feel out of reach.
Ageing in Place—or Stuck in Place?
The 2021 census reveals that 7,533 of Lancaster’s 12,431 older households have at least two spare bedrooms. While some retirees choose to stay in familiar surroundings, many have no viable alternative. The few suitable properties that do become available are quickly snapped up—often through private channels inaccessible to most buyers.
This creates a market bottleneck: older generations remain in large homes they no longer need, while younger families struggle to find the space they desperately require.
Why Retirement Housing Falls Short
The shortage of suitable housing stems from several factors:
- Development Trends: Over the past two decades, new-builds have prioritised high-density housing, such as flats and semi-detached homes, rather than bungalows or accessible designs. Developers often avoid single-storey homes due to land constraints, despite rising demand.
- Hidden Market Dynamics: Many desirable retirement properties never make it to public platforms like Rightmove or Zoopla. Instead, they’re sold to buyers registered on estate agents’ mailing lists—a practice less common today, with an 80%-90% drop in registrations over the last two decades.
The Costs of Staying Put
Remaining in unsuitable homes can take a significant toll:
- Physical: Stairs, large gardens, and narrow doorways become daily challenges.
- Financial: Larger homes mean higher council tax, utility bills, and maintenance costs, straining fixed incomes.
- Emotional: Living in outlying areas without easy access to amenities or transport can lead to isolation.
Societal costs also arise. Without older homeowners downsizing, family homes remain occupied by empty nesters, leaving younger families without suitable housing.
A Proactive Approach
Lancaster baby boomers facing this dilemma may benefit from rethinking their approach:
- Register with Estate Agents: Share your requirements with local agents who understand the market and can identify off-market opportunities.
- Plan Early: Securing a buyer for your current home doesn’t mean moving immediately. Some buyers are willing to wait, giving you flexibility.
- Explore Creative Solutions: Modifying an existing property, extending it, or even exploring shared living arrangements with family could provide the perfect solution. Local architects may offer innovative ideas tailored to your needs.
Why Act Now?
Demand for accessible homes will only grow as younger generations recognise the benefits of step-free living. Acting now gives you a better chance to secure a suitable property before competition intensifies.
How We Can Help
At JDG Estate Agents we are experienced Lancaster agents. We specialise in helping local retirees with these challenges. Whether you’re seeking off-market opportunities or exploring creative solutions, we’re here to help you through every step of the process.
If you are finding yourself in this situation of needing / wanting to move but with nowhere to go, please get in touch. At JDG we are here to help.
You can call me on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle x
