February 2020 - Oakhill Independent Financial Services Limited

Around 7.2 million over-65s would consider buying a bungalow, showing a strong demand for single-storey homes among the older population. With only two million bungalows ever having been built in the UK, however, it’s clear that demand far outstrips supply⁷.

As our population ages, more thought needs to be given to the provision of housing suitable for their needs. Living on one level minimises the chance of dangerous falls, while many believe that bungalows are easier for older people to maintain.

And, with many empty nesters living in homes that are now too big for them, more suitable housing provision for this age group would free up larger family homes for younger generations.

⁷McCarthy & Stone, 2019

Recent research has revealed that we could be undervaluing the contents of our home by £115 bn⁶ – meaning that millions of people across the UK may not have the right level of cover for their possessions.

Contents insurance covers anything in your home that isn’t fixed down (think furniture, electrics, clothes, toys, books etc.). Over the years, it’s likely you will have accumulated a great many valuable possessions, including televisions, computers, jewellery, clothing and much more. However, with respondents to a survey valuing their contents at an average of just over £18,000 – almost £17,000 less than the average contents value of about £35,000 – it’s clear that a lot of us are selling our contents short.

The chances are you’ll have a few more expensive electrical gadgets around the house following the festive period. So, it’s worth taking the time to really think about your possessions, write a comprehensive list and tally up what they’re REALLY worth – so you can be confident that you’ve got the right level of cover. If not, any valid claim could be scaled down by your insurer.

⁶Admiral, 2019

Older people lack suitable housing options

Don’t sell yourself – or your contents – short

Want to know more?