Pensions crisis could cripple property market

| April 12, 2010 | 0 Comments
Pensions crisis could cripple property market

Britain’s babyboomer generation are overly-dependent on property to fund their retirement, new research has revealed.

Nearly half of Brits aged 45 to 65 plan to rely on some form of property income to fund their life after they retire, the study by AXA found.

This could lead to an over-supply of property on the housing market, further pushing down house prices.

A quarter of those polled said part of their retirement income will come from downsizing their home.

Almost one in ten plan to use equity release to free up cash, while one in twenty will sell their second home to help finance their retirement.

“The property market could witness a glut of properties coming onto the market in the next 10 to 15 years,” said David Thompson, AXA spokesperson.

“This will have a significant impact on the UK housing market.”

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