Older peoples' property in need of repair

More than a third (34%) of UK homeowners aged 50 and over say their property needs work, but one in seven (15%) cannot afford the necessary repairs.

Research conducted by Saga Personal Finance revealed that older women are suffering particularly badly, with 20% forced to watch their home deteriorate because they don’t have the funds available to fix problems.

One in six (16%) respondents said that their roof was in the most pressing need of repair, followed by one in seven (13%) who have drainage or guttering that needs fixing.

Half of those questioned plan to pay for repairs out of savings, a third would use regular income or money from their pension, while 15% just can’t afford it. Interestingly only 1% would turn to family and friends for help.

The survey also discovered that 8% of older homeowners say their heating needs mending.

Andrew Goodsell, executive chairman of Saga Group said:

“People are living longer which means that retirement incomes have to stretch a lot further to keep up with inflation. Many retirees find they need additional cash, whether it is to make every day life easier, fund house repairs, take the trip of a lifetime, or to contribute to care in later life.

“For many equity release is the ideal solution to this, however until now the market has not listened to people’s needs and providers insist on charging hefty fees upfront, which prevent many people from being able to access their money.”