Nearly 60% of over-65s have considered downsizing, but financial costs, community ties and a shortage of suitable homes are discouraging many from moving.
More than half of older homeowners cited stamp duty as a barrier, while a similar proportion were concerned about losing established links with friends, family and their local community, according to a survey of Family Building Society members.
The survey, which received 2,591 responses, was carried out in support of the recently published Radix Housing Commission report, Resizing, Rightsizing. The report proposed measures to help people move into homes more suited to their needs in later life.
Practical considerations were also found to be influencing homeowners’ decisions. Almost three in five respondents said access to local amenities, including shops, GP surgeries and public transport, would be an important factor in any move, particularly if they became less able to drive.
A lack of suitable housing was identified as another significant obstacle by 54% of respondents, with bungalows in especially short supply.
One respondent said: “Having good friends nearby and regular activities which can be continued is an important factor in staying put”.
Another said: “There are not enough bungalows being built now”.
A further respondent said: “We’ve considered a location close (within walking distance) to local amenities essential”
Alistair Nimmo, director of marketing at Family Building Society, said: “Our survey shows that there are a variety of reasons why the elderly are not downsizing.
“Whilst Stamp Duty remains a key deterrent, the loss of friends, being further away from family and potential lack of local amenities are just as important.
“On top of those reasons there is a distinct lack of suitable properties available, particularly bungalows.
“The government has a lot of work to do if it is to encourage older homeowners to downsize. Releasing underutilised family homes on to the market would encourage others to move up the housing ladder providing more opportunities for first-time buyers and growing families.”
