Michael Fraser Says £20,000 Retirement Flat Charge Traps Him as Resale Values Slump
Updated
Updated · BBC.com · May 21
Michael Fraser Says £20,000 Retirement Flat Charge Traps Him as Resale Values Slump
2 articles · Updated · BBC.com · May 21
£20,000 a year in service charges has left 88-year-old Michael Fraser saying he is trapped in his Devon retirement flat because buyers are likely to be deterred and any sale may fetch far below fair value.
The charge on Fraser’s two-bed Audley flat has risen 66% from about £12,000 since 2020, pushing costs above his pension if he later needs to pay for care while the property sits empty.
More than 400 people contacted BBC News with similar complaints, saying inherited or vacant retirement flats still rack up hefty charges and can remain unsold for months or years.
At one McCarthy Stone block in Royston, 24 of 27 resales since 2014 fell in value, with one flat dropping from £208,000 to £70,000 and another now listed at £9,000.
Audley, Firstport and McCarthy Stone said charges fund services and support owners, but the cases add to scrutiny of retirement housing across England and Wales over affordability and resale risks.
Is the UK's luxury retirement property sector facing a mis-selling scandal due to its complex and costly fee structures?
Why are retirement homes becoming unsellable traps despite recent reforms intended to protect homeowners?
With the 2026 leasehold ban now active, what fate awaits the thousands already caught in these devaluing properties?