More than four in 10 homeowners over 55 plan to sell their home: Property news update

Plus, rental growth in Wales, new property website, tenants paying for repairs

(Alan Cleaver)

Three quarters of homeowners over 55 who say they are intending to sell up are planning to downsize, says a new report.

Around 41 per cent plan to sell their current property - up from 38 per cent six months ago - according to Prudential's figures.

Nearly half will spend the money they will then have spare on luxury purchases like holidays, while 40 per cent will use the funds to boost their pension.

Too much space is the main reason for moving, cited by 60 per cent of those questioned, followed by the convenience of running a smaller home (58 per cent), accessing equity (34 per cent), reducing the costs of running a large home (22 per cent) and changes in personal circumstances, including divorce or separation (21 per cent).

Just over a third of those planning to sell say they will relocate to another town or city within the UK. Prudential's analysis of Census data suggests Cornwall, Arun, and North Somerset are the most popular destinations for retirees. They are followed by Gwynedd and Eastbourne.

A third of tenants have paid for a repair

Research by AA Home Membership indicates that 34 per cent of renters have paid to fix something in their home instead of asking their landlord.

The average cost was £63.20, though one in six paid more than £100. Half of those who fixed something said it was because it was quicker and easier to do it themselves even though, according to the research, only one in 10 tenants is actually responsible for household repairs.

The most common problems were a blocked drain or faulty shower. One in seven has had a damaged carpet replaced or leaky pipe repaired.

"Not being responsible for repairs is often seen as a perk of renting," said Helen Brooker, Head of AA Home Membership. "Some landlords may accuse tenants of not taking care of properties but our research shows they seem to be more conscientious than they’re often given credit for.

"The relationship between landlords and tenants can be rather fragile and fallouts over repairs are quite common. Having clear guidelines about who is responsible for particular issues could be helpful, as could having reasonable expectations as to how landlords will deal with household repairs."

Renting in Wales

Figures from Move with Us show that Wales saw the biggest rise in advertised rents in October, up £37 to £696.

Average advertised rents in Britain are now £1,040, says the report, up nearly seven per cent year-on-year.

"There is typically a pattern of growth when the economy is improving. Growth starts in the South and moves gradually northwards. As it does so, growth in the South calms down as it balances to find a new, higher level," said Robin King, Director of Move with Us.

"This may be what the country is experiencing as growth has moved northwards. The average advertised rent in Wales increased over twice as much as Greater London in October. Furthermore, a rise of around £13 in the East Midlands is equal to that of the capital. In the South, growth has slowed with asking rents dipping in the South East and flat-lining in East Anglia."

New property website

New property website OnTheMarket.com has announced that it will go live at the end of January next year.

"The launch will add much-needed competition in a market," said Ian Springett, Chief Executive of OnTheMarket.com . "We expect thousands more agents to join us in the run up to our launch and beyond.”