Stamp duty, community ties and a lack of suitable properties are holding older homeowners back
Around three in five people aged 65 and over have considered downsizing, yet many are unwilling to follow through, according to a survey of Family Building Society members.
While more than half of respondents cited stamp duty as a financial barrier, a similar proportion expressed concern about losing established ties to friends, family and their local communities.
Practical factors also featured prominently. Nearly three in five of the 2,591 respondents said proximity to amenities — including shops, GP surgeries and public transport — would be a decisive consideration in any move, particularly in anticipation of reduced driving ability.
According to the survey, conducted to support a recently published Radix Housing Commission report, Resizing, Rightsizing, a further 54% identified a shortage of suitable properties, especially bungalows, as a significant obstacle.
"Our survey shows that there are a variety of reasons why the elderly are not downsizing," said Alistair Nimmo (pictured right), director of marketing at Family Building Society. "Whilst stamp duty remains a key deterrent, the loss of friends, being further away from family and potential lack of local amenities are just as important. On top of those reasons there is a distinct lack of suitable properties available, particularly bungalows.
"The government has a lot of work to do if it is to encourage older homeowners to downsize. Releasing underutilised family homes on to the market would encourage others to move up the housing ladder providing more opportunities for first-time buyers and growing families."
The Radix Housing Commission report argued for a range of policy measures to facilitate what it termed "rightsizing" — enabling older people to move into homes better suited to their needs in later life.
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