Three quarters (74%) of over-50s live in homes with more than three bedrooms despite the vast majority living in households of less than three, latest research from Regency Living reveals.
At the same time, around half of those actively looking to upsize to a larger home are struggling to do so, with a lack of suitable stock being one of the key reasons.
A survey of over-50s homeowners, commissioned by Regency Living, shows that eight out of 10 live alone or with one other person.
Seven out of 10 (71%) live in a detached or semi-detached property, and 74% live in homes with three or more bedrooms.
NOT DOWNSIZING
Despite residing in larger properties with more bedrooms than there are residents, more than nine out of 10 (93%) say they have no intention of downsizing to a smaller property.
When asked why they don’t plan to downsize, the common answer among respondents is that they are financially comfortable and don’t need to release equity (24%).
A fifth (21%) say it’s important to have enough space for friends and family to visit, while 16% are waiting until they are older and have to downsize for health reasons.
TOO MUCH TO LOSE
Around one in 10 (12%) like their neighbours or neighbourhood too much to move, the same number have too many belongings to fit inside a smaller home and 7% say there aren’t any suitable smaller homes in the area they want to live in.
But this reluctance among older homeowners to downsize is causing significant problems for buyers at lower rungs of the property ladder, buyers who are actively looking to upsize, often in order to secure a family home as the size of their household expands.
A second survey of those actively looking to upsize found that over half (52%) are struggling to find a property, with higher mortgage rates, a lack of suitable stock at the right price, and lack of suitable stock in their desired area being the leading causes of this struggle.
SIGNIFICANT BOTTLENECK
Tim Simmons, Sales and Marketing Director at Regency Living, says: “Downsizing is the final stage of the homeownership lifecycle but for many, the desire to downsize is lacking and this is completely understandable given that the ascent up the property ladder is an achievement that often takes a lifetime.
“However, the decision to remain in larger family homes once the nest has emptied is causing a significant bottleneck across the property market, as it limits the supply of stock available to those looking to upsize.”
LARGELY IGNORED
But he adds: “Unfortunately, when it comes to the issue of housing supply, much of the focus remains on the provision of starter homes for first-time buyers and we simply haven’t seen enough homes built with the aim of encouraging mature homeowners to downsize.
“So, whilst this segment of the market may be more stubborn than the rest, perhaps the issue isn’t their unwillingness to downsize, but the fact they have been largely ignored by housebuilders.”
