Summary
People in England and Wales are struggling to sell retirement flats they inherited from relatives, leaving them with high annual costs. These flats, which are only for older buyers, often stay empty for a long time despite price reductions. Families face high service charges, ground rent, and taxes while trying to sell these properties.
Key Facts
- Many retirement flats in England and Wales sit empty, causing financial strain for families.
- Flats are hard to sell because they can only be bought by people over a certain age.
- One family reduced their flat's price by £200,000 with no offers.
- Annual costs for keeping a flat include service charges, ground rent, and council tax.
- An expert estimates 10,000 such properties are empty long-term in privately owned blocks.
- McCarthy Stone, a leading developer, has many empty flats despite building new ones nearby.
- Some families must pay up to £11,279 a year in charges for empty flats.
- Other families around England share similar struggles with vacant properties and accumulating fees.
