Fury as finance watchdog says elderly should downsize to solve housing crisis
BRITAIN'S pensioners seeing out their twilight years in beloved family homes have effectively been branded selfish and a social problem by the UK’s financial regulator.
By LANA CLEMENTS
PUBLISHED: 11:22, Fri, Sep 18, 2015 | UPDATED: 15:00, Fri, Sep 18, 2015
58
older man looking worried
Digsby
IM, Email, and Social Networks in one easy to use application!
http://kvors.com/click/?s=88377&c=89569&subid=21512
GETTY
Pensioners should be encouraged to downsize, according to the regulator
The elderly should be encouraged to downsize into smaller flats or purpose-built flats to make some room for larger households, according to senior executive at the Financial Conduct Authority (FCA).
The watchdog is urging the Government to look at ways that people can be turfed out of homes where they have often lived for most of their life and into smaller retirement units.
Lynda Blackwell, mortgage sector manager at the FCA, said so-called 'last-time buyers' were a "real issue" for Britain.
She told a conference of mortgage professionals: "There’s lots of questions about whether it is right that the Government should focus on the first-time buyer when we’ve got a real issue with the last-time buyer.
"There’s older borrowers who basically pay off their mortgage and sit quite happily in a very big house.
"Does there need to be thought given to trying to encourage older persons to actually move away – build proper housing for retired people in the right places?
"There is a debate to be had about whether the Government’s focus is actually in the right place."
Critics and campaigners for elderly people reacted with anger over the comments.
The lack of available housing in Britain is one of the key forces driving up house prices at phenomenal speed.
But most critics agree that it's largely because not enough new homes are being built each year.