Over 50s sitting on £56.5k worth of unused space in homes

EMPTY nesters over the age of 50 are sitting on around £56,574 worth of unused space in their home.

Older Brits are left with 34 square metres of empty property once their kids have flown the nest, according to a new study of 2,000 adults.

With a typical house size of 165.6 square metres and the average house price coming in at £276,393, this is the same as each square metre being worth £1,669.

It's also the same as the unused space being the same size as two unoccupied rooms.

But after two years and seven months of their property going untouched, many seize the opportunity and transform this space into a personal gym, office or even the craft room they’ve always dreamed of.

The study also revealed a third of over 50s are planning to give money to their offspring in their later years.

Things you can do without planning permission

IF you've got empty space and are unsure what to do with it, here are a few things you can do to your home without getting planning permission.

All of them are subject to a few restrictions and building regulations. You can find the full list on the Planning Portal.

• Add single storey extensions of up to 4m by 6m,
• Moving windows and doors, as long as you're not looking directly into neighbouring properties,
• Move interioir walls, as long as the total footprint of the house stays the same,
• Loft conversions of up to 50 cubin metres for detached and semi-detached properties, or 40 cubic metres for terrace houses,
• Single-storey conservatories of up to 4m by 6m,
• Outbuildings that double up as office space,
• A porch of up to 3m tall,
• Garden decking as long as it's now more than 30cm above ground,
• Swimming pool as long as it's no bigger than 50 per cent of the size of the garden.

A fifth plan on gifting some of their wealth to their grandchildren, while 38 per cent dream of spending their money on holidays to make the most of their retirement.

However, half of those surveyed said they are worried about their financial future.

Although the average over 50 has £18,113 sitting in their bank account, a third of respondents have less than £7,500 in savings leaving them with a smaller safety net beyond their pension or other assets.

The study, conducted via OnePoll, also revealed one in 10 are considering dipping into their pension pot early to support their lifestyle, while 15 per cent are debating selling some of their belongings.

Of those who are yet to retire, respondents reckon it will be eight years before they’re able to enjoy a leisurely life and so a fifth are thinking of retiring later than planned.

Just 12 per cent are considering taking out equity in their property to stabilise their financial future, compared to a third who have contemplated downsizing.

Mark Gregory, founder and CEO of Equity Release Supermarket, which commissioned the research, said: “The research highlighted that many over 50s are effectively sitting on thousands of pounds of wasted space.

"One option for empty nesters to raise equity is to simply sell the family home and down-size.”

Last week, we revealed speedy internet and close proximity to a pub are some of the top priorities buyers look for when moving home.

Looking to up sticks? We've rounded up 10 cheap ways you can add thousands of pounds to the value of your house.

While concerning research showed 8.4million people are living in unaffordable and overcrowded homes in England.

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