Families are facing challenges in selling inherited retirement properties from elderly relatives, struggling with vacant units. One individual reduced the price of his late mother’s retirement flat by £55,000 but has yet to find a buyer, incurring significant annual costs for maintenance while the property remains unsold.
The flat, purchased by Joan Taylor for £225,000 in Burgess Hill, West Sussex, in 2015, is restricted to buyers over 70 due to the block’s regulations with a 125-year lease. After Joan’s passing at 96 in June 2024, her son Gordon Taylor has lowered the asking price to £170,000 but is still encountering difficulties in selling the property.
Gordon is burdened with annual expenses such as a service charge of £9,700, ground rent of £435, and council tax of £1,044. Expressing his frustration, he mentioned the unexpected financial strain, stating, “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, reducing the asking price of their late mother’s flat by £200,000 without receiving any offers. Statistics suggest there could be around 10,000 unoccupied retirement properties in privately owned blocks across England and Wales, although the Retirement Housing Group (RHG) reports 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 monthly increase of 0.7% according to Halifax. Annual property values rose by 1.0% in January, reaching an average price of £300,077.
Amanda Bryden, head of mortgages at Halifax, noted the market’s stability in early 2026, with prices rising and annual growth reaching a milestone above £300,000. Despite the positive market activity, affordability remains a concern for many prospective buyers.
Karen Noye, a mortgage expert at wealth manager Quilter, highlighted the challenges for first-time buyers with the increasing property prices, emphasizing the impact on affordability.