1632656 Posted May 25, 2007 Share Posted May 25, 2007 (edited) Is it fair that over 55s can buy a flat (retirement appartment) so much cheaper than FTBs? Edited May 25, 2007 by studdymx Quote Link to comment Share on other sites More sharing options...
dude wheres my house Posted May 25, 2007 Share Posted May 25, 2007 Examples?? Quote Link to comment Share on other sites More sharing options...
Mildura Posted May 25, 2007 Share Posted May 25, 2007 Is it fair that over 55s can buy a flat (retirement appartment) so much cheaper than FTBs? it might not be fair, but they are cheaper coz they have very limited market appeal. Quote Link to comment Share on other sites More sharing options...
DTMark Posted May 25, 2007 Share Posted May 25, 2007 Must admit I've noticed this in the past - warden assisted flats for retirees are often cheaper to buy than an equivalent "normal" flat would be. I presume that the ground charges/maintenance fees pay for the warden over time and ongoing so that's not a major price factor. However more recently I've noticed a trend for this to be actually the other way around in some cases: retirement flats which are grossly overpriced relative to comparables. I'd put this down to the developer eyeing up the 550k four bed detached that's being sold to trade down, and figuring that the retirees could afford to part with, say, 250k and have 300k left. So the retirement flat is priced at 250k irrespective of "comparable market value". There's one development in Harlow like this, but those flats have now been reduced to circa 195 from 250, and they're still pretty poor value and not all sold. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted May 25, 2007 Share Posted May 25, 2007 won't this come under the Age-ism Laws??? Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted May 25, 2007 Share Posted May 25, 2007 Is it fair that over 55s can buy a flat (retirement appartment) so much cheaper than FTBs? I've noticed that too. Could it be because they come with much shorter leaseholds? (thats not a pi$$ take btw, its a practicality) Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted May 25, 2007 Share Posted May 25, 2007 it might not be fair, but they are cheaper coz they have very limited market appeal. Funny, I was going to make a post on this matter last week, but didn't bother. It's odd that the boomers who have something like 90% of the assets in the UK can go and buy a flat at a discount in one of these developments. Why can't we have similar under 35s, no BTLs built? Quote Link to comment Share on other sites More sharing options...
Orbital Posted May 25, 2007 Share Posted May 25, 2007 won't this come under the Age-ism Laws??? yeah, and why should only old people be able to get a pension? I want one! Its blatant agism. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 25, 2007 Share Posted May 25, 2007 Funny, I was going to make a post on this matter last week, but didn't bother. It's odd that the boomers who have something like 90% of the assets in the UK can go and buy a flat at a discount in one of these developments.Why can't we have similar under 35s, no BTLs built? I think it's all about the fantasy landlord scenario. Many amateur BTL landlords (especially the guy that used to cut my hair, who ended up renting to a dole-ite who trashed the place) buy their executive apartments (etc) expecting to rent them out to doctors and lawyers for a big profit. This is part of the egotistical landlord fantasy. Speculating on properties to rent out to an old person just doesn't have the same cachet when showing off about your portfolio in the pub. It seems to low-down not-easy money, non-qudos inspiring. Quote Link to comment Share on other sites More sharing options...
crashtastic Posted May 25, 2007 Share Posted May 25, 2007 Must admit I've noticed this in the past - warden assisted flats for retirees are often cheaper to buy than an equivalent "normal" flat would be.I presume that the ground charges/maintenance fees pay for the warden over time and ongoing so that's not a major price factor. However more recently I've noticed a trend for this to be actually the other way around in some cases: retirement flats which are grossly overpriced relative to comparables. I'd put this down to the developer eyeing up the 550k four bed detached that's being sold to trade down, and figuring that the retirees could afford to part with, say, 250k and have 300k left. So the retirement flat is priced at 250k irrespective of "comparable market value". There's one development in Harlow like this, but those flats have now been reduced to circa 195 from 250, and they're still pretty poor value and not all sold. Totally off-topic here but can I ask where you got your avatar of the balding skinny bloke with birdshti in his hair? Laugh everytime i see that. Quote Link to comment Share on other sites More sharing options...
bugged bunny Posted May 25, 2007 Share Posted May 25, 2007 I've notice that flats for over 55s are about 30 to 40% % cheaper in Bristol. The maintenance charges are often about twice as much - however, this doesn't explain the price differential. I think it's a supply and demand issue - there's a glut because in a rising market so many over 55s delay downsizing to maximise the money they make. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted May 25, 2007 Share Posted May 25, 2007 I've notice that flats for over 55s are about 30 to 40% % cheaper in Bristol. The maintenance charges are often about twice as much - however, this doesn't explain the price differential.I think it's a supply and demand issue - there's a glut because in a rising market so many over 55s delay downsizing to maximise the money they make. I say again, have you checked the length of the leaseholds? Quote Link to comment Share on other sites More sharing options...
bugged bunny Posted May 25, 2007 Share Posted May 25, 2007 I say again, have you checked the length of the leaseholds? No, I haven't. I have noticed that they tend to take much longer to sell than other flats - even in very desirable areas - a clear sign of oversupply. Quote Link to comment Share on other sites More sharing options...
tara747 Posted May 25, 2007 Share Posted May 25, 2007 yeah, and why should only old people be able to get a pension? I want one! Its blatant agism. Wishing your life away, eh? I'm quite happy to wait till I retire to get my generous final-salary pension. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted May 25, 2007 Share Posted May 25, 2007 I say again, have you checked the length of the leaseholds? I'm pretty sure that is nothing to do with it. If you take any product and make it a condition of sale (and resale) that only the over 55s are allowed to buy it, of course it will be cheaper. Most of the demand for this size of property will come from young people, but there are restrictive covenants in the lease that only permit sale to an over 55 (and I would imagine that renting it out to under 55s is also banned). I don't think you could get round it either as all the old b*stards would be freaking out if a young person appeared. Don't know what their problem is though - my mum lives next door (about 30 yards away) from an old dear. She is as deaf as a post and has her TV cranked up to the max so that my mum can hear it when she is inside her own (detached) house! Quote Link to comment Share on other sites More sharing options...
Priced_Out_GenXer Posted May 25, 2007 Share Posted May 25, 2007 I've noticed this too. Some very desirable properties selling for way below their market value but only the over 55's are eligible, usually warden controlled. I presume they're short lease - you never get something for nothing especially where property is concerned. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted May 25, 2007 Share Posted May 25, 2007 I've noticed this too. Some very desirable properties selling for way below their market value but only the over 55's are eligible, usually warden controlled. I presume they're short lease - you never get something for nothing especially where property is concerned. they are cheap because: - the pool of people who can buy them is restricted - there are extra charges paid for the warden etc. - for most people it would feel like giving up and admitting you are elderly and incapable - everyone around you would be dying - the place probably smells of piss Quote Link to comment Share on other sites More sharing options...
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