Over-55s seeking to downsize face difficulties moving home
One in seven UK homeowners aged 55 and over—equating to 1.2 million people—have abandoned plans to move, with a lack of suitable properties and the stress of relocating cited as key reasons, according to new research.
The study, conducted by property advice provider HomeOwners Alliance, found that many over-55s feel unable to downsize or retire due to these obstacles, leaving a significant portion of older homeowners effectively trapped in homes that no longer meet their needs.
Forty-one percent reported the stress of moving as a barrier, compared with 35% of all homeowners. A shortage of suitable homes was cited by 34% of older respondents, against 27% of all homeowners. Additionally, 23% said they did not want to leave friends and neighbours, compared with 16% of all homeowners.
Bungalows emerged as the most popular choice for those considering a move, with 38% of homeowners aged 55 and over expressing a preference for single-storey properties. However, the supply of new bungalows has declined sharply. According to NHBC data, bungalows accounted for 11% of new homes in 1990, but only 1% in 2024.
While factors such as house prices and moving costs remain concerns, they appear to be less significant for older homeowners than for younger ones.
“Our research shows that too many older homeowners feel stuck in homes that no longer work for them but struggle to find an appropriate alternative,” said Paula Higgins (pictured right), chief executive officer at HomeOwners Alliance. “There is a huge demand for bungalows but hardly any get built anymore.
“With the UK’s rapidly aging population, we hope the government’s long-promised housing strategy looks at a better range of retirement housing, including single-storey solutions. No one wants to make their life more stressful and as we age, the prospect of a house move can be overwhelming. Buying and selling a home is too uncertain, takes too long, and is too expensive.”
Nick Sanderson, chief executive of retirement property builder Audley Group, however, pointed out that it’s not just bungalows that are in short supply for would-be downsizers.
“There is a chronic shortage of all types of age-specific properties in our housing market,” Sanderson said. “Only 8,000 units are expected to be completed this year, a number dwarfed by the 50,000 needed to meet our shifting demographics.
“Ahead of the Autumn Statement, the government must look at how it meets the needs of the whole housing market. Mandating the delivery of age-specific properties, providing incentives for downsizers and stimulating movement up and down the housing ladder.”
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