Are you ready for the Government’s next housebuilding giveaway?
From April 6 2015 those over 55 are free to do as they please with their pension pots. Put more graphically, pensions minister, Steve Webb, famously remarked that people were free “to blow the lot on a Lamborghini”, should they wish.
To quantify the impact of this, it is estimated that up to 200,000 people will cash in their pensions; actuary, Hymans Robertson, forecasts redemptions totalling £5 billion.
More importantly, recent research by Ipsos Mori – for Hargreaves Lansdown – revealed that 16% of those looking to access their pension fund were looking to reinvest in property. That’s a staggering amount of people and cash looking for a financial home in the more tangible form of bricks & mortar.
So, whether the motivation is to buy the ‘dream home’, the dreamed-of second home, to secure buy-to-let income or provide a home for a family member, how are new-homes builders targeting this group to exploit this massive opportunity?
Surely, yet another reason to think more about this ‘golden generation’.