New report finds essential home repairs a struggle for many

New report finds essential home repairs a struggle for many

New research by The Saga Equity Release Advice Service has found that many over 50s are struggling with home repairs with around 66,000 taking out loans to fix things like central heating.

The data revealed that while the most common things that need fixing in the over 50s homes are gutters (13%), many are in need of more essential repairs.

According to the report, 11% say their roof needs repairing and 9% say their heating is broken. Furthermore, 7% need some electrical work carrying out and 6% say they could do with a visit from a plumber.

Some people are struggling to pay for these essential repairs out of their wages or pension. Saga estimates that 66,000 over 50s will take out a loan to pay someone to fix their heating, while almost 75,000 people will borrow money to repair a leaking roof.  

Around 120,000 people aged 50 to 59 say they will take advantage of the pension freedoms and use their lump sum to fix things in and around their home, which may leave some struggling to fund their retirement.

However, 550,000 over 50s won’t fork out for a tradesman. Around one in five say they can’t afford to pay someone to do the work needed, while the same number of people say they are going to try and fix it themselves to avoid the extra cost.


People in Edinburgh are the most likely to say something in the home needs fixing (54%), while those in Milton Keynes are the least likely to say something in or around the house is broken or damaged (36%).

Alex Edmans, head of retirement, Saga Personal Finance, commented: “They say home is where the heart is but it’s not where the heat is if the roof is leaking or the window frames rattle in the wind. Keeping on top of repairs is essential as leaving repairs for too long may exacerbate the problem and end up costing you more in the long run. If you are worrying about how to pay for the repairs it’s worthwhile exploring all your funding options as soon as possible so you can make sure the situation doesn’t get worse.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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