If you’re looking for a new home, or are looking for your first home, then “gazumping” may be a term that you aren’t particularly familiar with. Essentially, gazumping is when you have had an offer accepted by a seller, and are in the midst of the buying process, when another buyer comes along and offers a higher price, effectively stealing (or gazumping) the sale.
With more people living longer and ageing with much better health than ever before, those aged 55 and over are playing a key part in the national economy. Recent research from SunLife has surveyed this age group and found that nearly half would sell up in order to fund a more jet-set lifestyle.
Recent data from the Office of National Statistics has shown that the proportion of those aged 65 and over will rise by 5% over the next thirty years, with greater economic contributions coming from this group as the years progress. For those currently 55 and over, SunLife questioned 1,000 homeowners with a big choice; if they had the option between staying in their family home but never holidaying away from the UK again, or downsizing and then using the cash for foreign holidays which would they choose?
At £6.3 billion, the total value of lending in 2019 by the so-called ‘bank of Mum and Dad’ is set to be half a billion higher than in 2018, making it the UK’s 11th largest mortgage lender. 77% of lending is to home movers, not first-time buyers.
Household projections are a useful starting point for calculating housing needs. The latest projections are 2016-based for England, which estimate that 3,970,000 additional households will form between 2016 and 2041. In Wales, it is projected that 140,000 households will form between 2014 and 2039.