Nearly three in five over-65s have considered downsizing but stamp duty, family ties and a shortage of suitable homes are preventing many from moving, research from Family Building Society reveals.
Its survey of 2,591 members found that more than half regard stamp duty as a barrier to moving into a smaller property.
A similar proportion are concerned about losing established connections with friends, family and their local community.
The findings suggest that encouraging older homeowners to move will require more than financial incentives, with the availability and location of suitable housing also influencing decisions.
LOCAL LINKS MATTER
Almost three in five respondents said access to shops, GP surgeries and public transport would be an important consideration when moving, particularly if they became less able to drive.
Some 54% identified a lack of appropriate properties as a significant obstacle, with respondents repeatedly highlighting the limited availability of bungalows.
One respondent said: “Having good friends nearby and regular activities which can be continued is an important factor in staying put.”
Another added: “We’ve considered a location close, within walking distance, to local amenities essential.”
FREEING UP FAMILY HOMES
The research was undertaken to support the Radix Housing Commission’s recently published Resizing, Rightsizing report.
The report proposes measures intended to help older homeowners move into properties better suited to their changing needs. Increasing movement at the top of the housing ladder could release larger homes for younger families while creating additional opportunities for first-time buyers.
Alistair Nimmo (main picture, inset), 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.”
