More than half of over-50s have considered downsizing their home in order to help reduce their energy bills, with 67% stating that they have so far refrained from turning on their heating despite the arrival of cold weather.
The latest figures from Ofgem show that whilst the average direct debit energy price cap has fallen by -6.4% for October to December 2024 versus the same period last year, it still sits at a hefty £1,717.
And it’s already increased by 9.5% versus the previous quarter (Q3 2024 vs Q4 2024), with a further increase of 1.2% expected in Q1 of 2025.
A survey of over-50s homeowners, commissioned by Regency Living, found that many are struggling to cope with the high cost of heating their home.
RISING ENERGY COSTS
Seven out of 10 (71%) of those surveyed by Regency Living stated that they struggle with the cost of their energy bills.
And as many as 67% said they had so far refrained from turning on their heating in order to keep costs down.
Those looking to cut down on their energy bills could consider a move to Plymouth.
Analysis of Gov data on energy consumption, conducted by Regency Living, found that the average home in Plymouth consumes a total of 10,795 kWh – the lowest level of energy consumption in the nation.
Elsewhere figures from Rightmove found that downsizing from a five-bed detached home to a more energy efficient three-bedroom detached home could save you £2,646 a year.
Just over half (52%) of those surveyed by Regency Living have considered downsizing in order to reduce the cost of their energy bills.
COST SAVINGS
Tim Simmons, Sales and Marketing Director at Regency Living, says: “Downsizing can bring a range of benefits to homeowners in their later years and the cost savings associated with such a move certainly rank amongst the most attractive reasons to do so.
“Not only can you release a great deal of the equity that has built up in your home by opting for a smaller, more affordable property, but the upkeep costs are also more manageable, not to mention it costs less to heat.”
ENJOYING LATER LIFE
And he adds: “This means that homeowners can not only enjoy later life, but they don’t have to worry about stocking up on blankets and warm clothes to avoid putting on the heating when a cold snap does hit.
“It is interesting to see that Plymouth ranks as the most affordable area when it comes to household energy consumption.
“It might seem a stretch to move there for that reason alone, however, we actually see a great deal of over-50s downsizers heading to the area as we have two fantastic residential park homes sites located in Newton Abbot and Saltash – both of which lie within a stone’s throw of Plymouth.”
