Elderly face money struggles says National Homebuyers
Elderly people in Britain are set to suffer financial difficulties in the year ahead as price inflation hits their way of life.
[UKPRwire, Thu Feb 07 2008] According to a report from Newcastle Building Society, the average elderly person will see their cost of living increase by seven per cent in 2008.
It comes as the price of food and energy rises and could leave many elderly people fighting to avoid repossession as they struggle with their financial difficulties.
The building society has admitted that even this seven per cent figure may prove to be conservative.
"Our findings paint a bleak picture for pensioners this year," commented Bob Mothershead from Newcastle Building Society.
"The rising cost of living is undoubtedly a concern for us all, but it is those in later years who suffer the most.
"For the many relying on the basic state pension, these increases could negatively impact on their everyday quality of life," he continued.
Julian King of National Homebuyers adds, "Homeowners looking for a quick sale should act now to avoid further losses in their property value.
"Analysts like Invesco are suggesting that in some UK areas, property prices can be decreasing by as much as £50 a day.
"With a wait on the open market [sale through an estate agent] now reaching up to 10 weeks, those who need a quick house sale need to look at other options".
Julian King is a director of National Homebuyers, the UK's leading quick property sale firm, guaranteeing to make a cash offer to purchase any property in the UK, regardless of its condition or location. The company also offers a series of other mortagage rescue schemes such as Sell and Rent Back.