For decades,
baby boomers in the UK have been the quiet beneficiaries of a housing market
that has worked in their favour. Rising property prices and a growing housing
shortage have pushed home values sky-high, giving this generation substantial
equity in their homes. However, as more and more boomers enter retirement age,
a new reality sets in, and the properties they need for this next stage of life
are almost impossible to find.
From
Winners to the Woes of Rising Northampton House Prices
The current
housing market presents a paradox. Many Northampton baby boomers aged 59 to 78
have benefitted from decades of increasing property values.
The average Northampton
home has risen from
£12,130 in 1974 to £318,684
today
Their homes have become financial assets, contributing significantly to their net worth. However, their housing needs are shifting as they approach the later stages of life.
Accessible,
retirement-friendly Northampton properties, bungalows, ground-floor apartments,
or homes with stair-free access are in critically short supply. According to
some recent research, fewer than 10% of UK homes are suitable for those with
limited mobility, and they only tend to come on the market after the current
owners have been in it an average of 22 years. To give you an idea…
Only 530 bungalows
have sold
in the Northampton
area in 2024
This leaves
many baby boomers in a bind: They're stuck in large, family-sized Northampton homes
that no longer suit their needs. Rising living costs, with energy bills and
insurance premiums eating into fixed incomes, make downsizing seem like an
impossible task.
Is It ‘Ageing
in Your Northampton Home’ or ‘Stuck in Your Northampton Home’?
Much like the experiences of their counterparts around the world, UK baby boomers are finding themselves “stuck in your home.” While some may choose to remain in their current homes due to emotional ties or the desire to age in familiar surroundings, many have no other option. Homes that meet their needs rarely come onto the market, and when they do, they’re often snapped up quickly, privately or through networks that most people don’t have access to.
The 2021
census shows that a significant proportion of baby boomers own larger homes
with two or more spare bedrooms - homes that are increasingly unsuitable for
their stage of life.
Of the 30,997 OAP
households in the West Northamptonshire Council area, 21,518 of those
households
have two or more
spare bedrooms
Meanwhile,
younger families who could fully utilise these properties need help to get onto
the property ladder. This creates a bottleneck in the market that affects both
ends of the spectrum.
Why
Retirement Housing Isn’t Always Available
Several factors contribute to this shortage:
- Development Trends: Over the past two decades, new-build developments have prioritised high-density housing, focusing on flats and town houses/semi-detached homes rather than bungalows or accessible properties. Developers often see little profit in creating single-storey homes as they take up so much land, even as demand for them grows.
- Hidden Market Dynamics: Many of the most desirable
retirement Northampton properties (bungalows and ground floor apartments) never
make it to property portals (Rightmove, Zoopla or On The Market). Estate agents
still sell them, yet only to people who have registered on their mailing
list. The issue is that there has been an 80% to 90% reduction in people
putting themselves on the mailing list in the last two decades because
many home buyers assume every home goes onto the portals. This leaves many
would-be Northampton buyers waiting endlessly for a home they may never
see.
The Costs
of Staying Put
Remaining in your Northampton home, which no longer suits your needs, can take a toll. Physically, features like stairs, large gardens, and narrow doorways can become daily challenges. Financially, larger family homes have higher costs - particularly with higher council tax bills, gas and electric bills, and home maintenance - which can be burdensome for those on fixed incomes.
And emotionally, the isolation of those living in a village or outlying suburb, many of whom are without access to amenities such as doctors' surgeries or public transport, can weigh heavily.
There’s also
a broader societal cost. Without a steady flow of the older generation downsizing,
those family homes remain occupied by empty nesters, while the younger
generations, looking for space to grow, are unable to find larger homes for
their families to grow into.
A Possible
Solution: A Proactive Approach for Northampton Baby Boomers?
If you’re a Northampton baby boomer feeling stuck in this situation, it may be time to take a different approach. Rather than waiting for the perfect home to come onto the market, consider these steps:
- Register Your Interest with Northampton Estate Agents: Share your requirements with local property professionals/estate agents who understand these challenges. As a proactive Northampton agent, we specialise in working with Northampton homeowners like you, keeping an eye on properties that may never publicly come onto the market and offering a personal touch that online searches can’t provide.
- Plan Your Move Early: Securing a buyer for your current home doesn’t mean you need to move immediately. We could find you a buyer who’s willing to wait while you search for the right Northampton property so you can ease the pressure and gain flexibility.
- Explore Creative Housing Options: Sometimes, the perfect home
isn't a new one but an existing property that can be adapted to your
needs. Extensions, modifications, or even shared living arrangements with
family members might open new possibilities. Again, we know Northampton
architects who could 'think outside the box' for a solution that meets
your future living requirements.
Why Act Now?
The demand
for accessible Northampton homes will only increase as the remaining baby boomers
(and even some Gen X) reach retirement age. At the same time, competition from
younger Northampton buyers who see the benefits of step-free single-storey living
is growing. As time goes by, things will only get worse.
Here’s How
We Can Help the Baby Boomers of Northampton
Over the years, we’ve worked closely with local Northampton homeowners to navigate these challenges. We understand the emotional and practical hurdles in downsizing or relocating later in life. Our goal is simple: to make the process as seamless as possible by connecting you with properties that fit your needs and ensuring your current home is sold to someone ready to wait for your next move.
Let's discuss whether you've been waiting for the right Northampton property but need help. Whether it's identifying off-market opportunities or helping you understand your options, we are here to support you every step of the way.
After all, the next chapter of your life deserves the right home - and sometimes, finding it requires thinking beyond the traditional property market.
Let me know
your thoughts in the comments.
