Upsizers account for more than seven out of 10 home buying transactions but struggle to find suitable family homes, latest research from Regency Living reveals.
More than half of upsizers (54%) put their main motivation for doing so down to children, with one in five (20%) citing more children on the way and a similar number (18%) motivated by the imminent arrival of their first child and 16% are looking for more space because they plan to have children soon.
Another common motivating factor is the desire to have more outdoor space (12%) but the majority of upsizers are finding the process difficult, with almost six out of 10 (59%) saying they are struggling to find a suitable property.
This marks an increase of +7% compared to Q4 2024 when 52% of upsizers were struggling to find a suitable home.
LACK OF STOCK
The most common reason for this struggle is an insufficient amount of stock listed on the market (39%), while high house prices (30%) and a lack of available equity in their existing property (14%) are other common obstacles.
Tim Simmons, sales and marketing director at the residential Park Bungalow provider, says: “So much attention is paid to first-time buyers that upsizers, or second steppers, are often ignored despite making up a large portion of the current homebuyer cohort.
“And while first-time buyers certainly face significant challenges in today’s property market, upsizers are also confronted with major obstacles, not least a lack of suitable stock
Some of our recent previous research revealed that 93% of over-50s who currently live in family homes have no intention of downsizing to a smaller home, and herein lies a real problem. If older homeowners are choosing not to downsize and instead stay in their large properties, it means the market suffers a drought of upsizer homes.”
NEED TO DOWNSIZE
He adds: “So, in order to increase the opportunity for people to take a second step up the ladder, more older homeowners need to downsize. And downsizing can bring all sorts of valuable benefits.
“Downsizing enables homeowners to release a good portion of the equity currently tied up in their property, freeing up money that can be spent enjoying a great retirement or helping out younger generations of the family.
“Downsizing also enables older people who live alone or in a couple to live in a more manageable home. Smaller homes are also cheaper to run, which can make a huge difference to household finances when the cost of living is as high as it currently is.
“And finally, downsizing provides you with the opportunity to make a new home in a community of like-minded people of a similar age, providing the support and security that can be so valuable in later life.”
