Rapid downsizing for elderly parents

[Spudulike3]

I wonder if anyone can help give me some ideas?

Some background, my mum and dad have a large house and garden which they have done up over the years and are very fond of. However my Dad is ill with a terminal illness (not a quick one but a going downhill slowly type) and my mum is struggling to keep up the house and the garden. It is in good condition at the moment though. They want to move to a smaller and more manageable house in a easier location.

They have put it on the market and had very few viewings and have dropped the price a few times but still nobody has taken an interest. I think this could be due to a few factors - Liz Truss et al and the state of the market at the moment obviously does not help. Also, the house is on a busy road which I think puts people off. The decor is also very 'period Victorian' to go with the age of the house but is not modern which may also put people off.

I had wondered whether they could do the kind of scheme when you buy a new build house and the developer takes on selling your house for you. However, my researches tell me that you can only do this when the new house you want to buy is worth less than the one you want to buy (75% of new house price). Does anyone know the reason for this or know of any schemes where this isn't the case?

Alternatively, can anyone give me any ideas of how they may be able to downsize rapidly that doesn't involve waiting for a buyer via the traditional route?

All suggestions gratefully received! I'm sure this isn't an uncommon problem and I'm surprised that there isn't some kind of downsizing to a new build type scheme.

Yes exactly. The new flat is much nicer than I was expecting!

Retirement flats are a big thing to take on. My mum was really really stretched by the service charge (5k a year) - sometimes couples with two pensions can afford it but one left on their own can't. Also selling them can be really difficult. My mum's sold well because it was a central posh village location with a pool etc but that's why it was so incredibly expensive to buy and service.

If we had our time again I would have encouraged her to have a ground floor flat with a bit of garden or a top floor flat with a lift, but not a 'Retirement' flat. Id have spent effort finding a helpful handyman and getting to know neighbours, which is most of what retirement flats offer. Stupidly, it is still legal in the UK to build blocks of flats without lifts, so the right flats are hard to find but they ARE out there.

Large old houses are something that people have become increasingly wary of since the cost of living increases.

A victorian house with minimal insulation is going to be a pain to heat and cost a fortune to run.

The house isn't worth what you/they think it is. It's worth what the market is willing to pay for it. A good EA should be able to advise you whether it is overpriced for the area, or whether there is anything specific that is stopping it selling (like the road). Feedback from viewers will also give you hints.

You can check out rightmove for similar properties in the area that are for sale and what the asking price is. And also for what similar properties have sold for.

If the price is attractive and reasonable then you will get a buyer. Unfortunately in some areas the market is moving rapidly at the moment, and homeowners ideas of what their houses are worth based on what stuff sold for in the last decade may be out of line with what the market is willing to pay now. Again, your local EAs will know what constitutes an attractive price.