A lack of suitable homes is preventing many older homeowners from moving, with growing demand for retirement housing and downsizing options continuing to outstrip supply, according to the latest HomeOwners Alliance annual survey.
The research found that almost a third (32%) of homeowners aged over 55 believe more suitable homes, including bungalows and specialist later-life housing, would make it easier for them to move.
Across all homeowners, 27% said a wider choice of appropriate properties would encourage them to relocate.
The findings suggest the shortage of suitable housing is becoming another obstacle to improving housing mobility, alongside the financial barriers that continue to discourage people from moving home.
HOMEBUYING REFORM
Overall, almost three-quarters (74%) of homeowners said lower mortgage rates, reduced deposit requirements or changes to stamp duty would make moving easier.
More than a third (37%) also believe reforms to the home buying and selling process would help, with one in four calling for transactions to become legally binding earlier to reduce the risk of fall-throughs.
Research undertaken with the Association of Retirement Community Operators (ARCO) also highlighted significant demand for specialist retirement housing. More than two in five (41%) homeowners aged 75 and over said they would consider moving into a retirement community themselves, while 53% of homeowners said they would consider this type of accommodation for a family member.
However, among those interested in retirement housing, more than half (53%) said there were not enough suitable options available in their local area.
Residents cited professionally managed communities, predictable monthly costs, access to healthcare, emergency support and opportunities for social interaction as some of the key attractions of specialist later-life housing.
GREATER CHOICE
Paula Higgins (main picture, inset), CEO of the HomeOwners Alliance, says: “Across the housing market, consumers want to act but often lack confidence, clear information and protection.
“Unlocking the market means making it easier and safer to buy, move, plan for later life and improve a home.
“Working with trusted partners helps us uncover these concerns, bring them into the public debate and push for practical change that puts homeowners and aspiring homeowners first.”
The findings add to growing calls from across the housing sector for a broader range of homes to be delivered, particularly accommodation suited to older homeowners, with campaigners arguing that increasing later-life housing could help unlock family homes for younger buyers while giving older residents greater choice over where they live.
