Over-55s Also Being Hit By The Housing Crisis

The spiralling cost of homeownership in the UK has continued to see many priced out of the market, with those fortunate enough drawing on the bank of mum and dad as the only option in getting that first foot on the ladder. However, research by estate agent, eMoov.co.uk, has found that it isn’t just those at the start of the property ladder struggling to get by in the current economic climate, but also those in the later stages of life are having to draw equity from their property in order to survive. There has been a dramatic increase in people over the age of 55 drawing on the equity of their property in order to get by. £17bn of funding has been provided to 350,000 homeowners since 1991, a third of which has been released in the last five years alone. Read more on the emoov website.