Sixty-six per cent of homeowners over the age of 50 fear being forced into selling their family home to be able to afford later life care, according to research from Nationwide.
 
A study from the society, based on responses from a sample of 1,669 homeowners during July, also revealed that 46% of those aged over 50 are expecting to sell their property so that they can pay for assisted living support in a care home.
 
Nationwide suggested that the cost of residential care has increased significantly in recent years, with the average cost now in excess of £33,000 per year. In the last 20 years, more than 330,000 older people have needed to sell their homes to pay for care costs, according to estimates from Independent Age.

The research also showed that more than a third (35%) of older homeowners expect to have to move again to another home in their later life. Another 24% of those over the age of 50 would either consider moving or already have moved to a bungalow to avoid the need to go upstairs, which Nationwide highlighted would enable them to live independently for longer.

“As life expectancy has steadily increased, so too has the challenge of funding later life care for many,” Nationwide director of home propositions, Jason Hurwood, commented. “To help people make their choice we need to consider their circumstances and outline all the available options.

“If someone is looking to raise additional funding to pay for care, there are a number of options. One is to downsize or move to a cheaper area; alternatively, you could make changes to your current home that can support you as you grow older.

“Depending on your individual circumstances, releasing equity in your home is another option that many choose. However, this is a major financial decision and we’d always strongly recommend seeking independent financial advice to understand all of your options before progressing.”

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