As housebuilding falls short of national targets, the UK is being urged to make better use of its existing housing stock – by enabling older homeowners to downsize more easily.
According to new research from the Open Property Data Association (OPDA), a significant proportion of over-65s are willing to move, but are being held back by slow, outdated processes.
The report reveals that more than a third (34%) of homeowners aged 65–74 who bought a home in the last five years chose to downsize, rising to nearly half (47%) among those aged 75 and over.
Yet over half (55%) of those aged 65–74 said long transaction times are the biggest deterrent to moving. That figure climbs to 68% for the 75+ age group.
BURNING DESIRE
OPDA is calling on policymakers, regulators, and the property industry to embrace a digital-first approach to help older homeowners transition more easily.
Maria Harris, Chair of OPDA, says: “There is a clear desire among older homeowners to move, but the current system feels too slow and expensive to make it a viable option.
“In addition to the Government’s ambition to build, we need to get smarter about using what we’ve got – and that starts by removing barriers to moving.”
While much of the policy debate centres on building new homes, older homeowners occupy many of the UK’s most under-used properties.
Enabling them to “right-size” could release thousands of family homes onto the market. However, Stamp Duty Land Tax (SDLT) remains a significant obstacle, and with fiscal pressures high, tax relief is unlikely in the short term.
TECHNOLOGY SOLUTION
Instead, OPDA points to technology as a more immediate solution. Digital Property Packs – comprehensive, upfront property information accessible to buyers and sellers – could speed up transactions and reduce fall-through rates.
Harris adds: “There is an assumption that older people are resistant to change or digital solutions but our research clearly shows that isn’t the case.
“Digitisation isn’t just for the younger market; many established homeowners are actively seeking it.”
UNLOCKING HOMES
Nearly 80% of respondents aged 65–74 said Digital Property Packs sounded like a good idea, and 70% would be willing to use them. Among over-75s, the figures remained high at 70% and 66%, respectively.
Harris says: “Digitising property data and improving the moving experience isn’t just good for buyers and sellers; it’s good for the whole system.
“If we make moving easier, we’ll help unlock the right homes for the right people at the right time.”
Property expert and Move iQ founder Phil Spencer echoed the findings.
He says: “I’ve seen time and again that many older homeowners would happily move if the process wasn’t so daunting. We need to make it easier, quicker and less stressful, especially for those who’ve lived in the same home for decades.
“Digital tools like property packs could make all the difference in giving people the confidence to make that move, which in turn frees up homes for the next generation.”
