Anger as financial watchdog tells elderly to downsize to tackle housing shortage

  • Financial watchdog tells the elderly to downsize to tackle housing shortage
  • 'Ministers should tackle problem of OAPs living in homes too big for them'
  • Financial Conduct Authority said Britain had real issue with last-time buyer
  • But senior official's comments were described as 'insulting' and 'unhelpful'



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. 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’......Read more here