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Housing repair costs blight over 50s

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by Gill Montia

More than a third of Britain’s homeowners aged over 50 admit their homes are in need of repair but more than one in seven are unable to stump up the costs involved.

According to research from Saga Personal Finance, women in particular are suffering, with one in five forced to allow their homes to deteriorate.

Londoners seem to be suffering most, with 42% of older homeowners in the Capital in need of housing repairs.

The poll of more than 14,000 over 50s also identified roof, drainage and guttering problems as the main areas of concern.

When asked how they might pay for housing maintenance, half of those questioned planned to use their savings and only a third expected to finance the work from their regular income.

Less than 1% said they would ask family or a friend for help.

Saga executive chairman, Andrew Goodsell, comment: “People are living longer which means that retirement incomes have to stretch a lot further to keep up with inflation.”

He adds: “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.”

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News posted: September 7, 2010

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