Older homeowners who ‘sit quite happily in a very big house’ should be given more encouragement to sell up and downsize, it was claimed yesterday.
Ministers should look at ways to tackle the problem of retired people living in properties that are too big for them, says a major financial watchdog.
A senior official risked the wrath of millions of mortgage-free pensioners who remain in family homes when she said they may need to be steered towards moving to retirement housing.
Time to sell up: Older homeowners who ‘sit quite happily in a very big house’ should be given more encouragement to downsize, a senior official from the Financial Conduct Authority has suggested (file photo)
Lynda Blackwell, head of mortgages at the Financial Conduct Authority, said Britain had a ‘real issue with the last-time buyer’. But her comments were described as ‘insulting’ and ‘unhelpful’ last night.
Critics said older property owners should not be seen as ‘home blockers’.