One million homes sold to finance care costs

Alex Johnson

c7e63964097a0bde55d41a01ff318840547182d4 300x225 One million homes sold to finance care costsNew research from NFU Mutual suggests that one in seven Brits (15%) are hoping to inherit property or cash from their parents to fund their own retirement. But according to the findings these people could be let down since over a million homes have been sold in the last five years to fund care costs and more than two million elderly people have had to use their savings to fund care.

As a result, three in every four people whose parents go into care now see most of their inheritance eaten up by the associated costs.

Sean McCann, personal finance specialist at NFU Mutual, said: “Younger generations could be in for a long wait if they’re banking on an inheritance to fund their retirement. People should be making their own retirement plans rather than factoring in property and wealth that could be whittled away by the cost of care and inheritance tax.”

What are the most off-putting factors for homebuyers?
A survey from Move with Us reveals that smoking and other bad smells are the most off-putting factors to 55% of potential home owners when viewing a property.

Over 100 independent estate agents from the Move with Us network were asked what factors were most likely to discourage viewers from buying a property. Smoking and other bad smells were right at the top, viewing a home with lots of mess and clutter was second with 22% followed in third place by the neighbours with 11%.

Robin King, Director at Move with Us said: “Sellers often spend so much time thinking about what their property looks like and how it is presented that they can often forget other senses, such as smell. It’s common knowledge in the industry that the smell of pets, cigarettes and chip pans are a huge turn off to potential buyers. There are many things that homeowners can do to combat nasty odours and make their home much more attractive to potential buyers. Smoking outside, opening the windows, cleaning the carpets and curtains, using anti smoke air fresheners, removing ash trays, rubbish and chip pans will all help.”

Treehouse of the week
This marvellous treehouse belongs to Applegarth Manor a six bedroom Victorian home in Welbury, Northallerton. As well as a snooker room, gym, four car garage, two-storey coach house and walled kitchen garden, the grounds feature a fantastic children’s play area with bespoke tree house and zip wire. On with Nick & Gordon Carver Residential for £1,475,000.

Tagged in: , ,
  • A Common Reader

    The figure of one million is hotly disputed in Tim Harford’s Radio 4 programme “More or Less” today (6/8/13) at 4.30pm. He reports that the statistical base for the figure is extremely deficient

Most viewed



Property search
Browse by area

Latest from Independent journalists on Twitter