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Option Homes Ltd - News- Most Older Homeowners Refuse to Downsize

Most Older Homeowners Refuse to Downsize

Date Added 20/08/2016

Following on from a recent article discussing the issue of new housing focusing primarily on the needs of first time buyers, which has led to concern among certain organisations who cater for the needs of the older members of our society, there comes a new report which highlights the fact that most people in their mid-50s and older have no desire to downsize their homes to a smaller property.

In fact, 58% of people aged 55 or above believe that it is mostly because of the lack of suitable alternative housing which is behind their intention to remain in the homes they already have. This research was undertaken by the UK`s leading provider of mover conveyance services, My Home Move, and comes in response to a call for action from the property and construction industries. The industries want more to be done to free up properties for first time buyers and second steppers, but the people in those homes feel there are not enough suitable premises available elsewhere for them to downsize into.

Additional Issues Also Causing Concern

Many older folks also share concerns regarding the cost of moving home, which includes the likes of increased Stamp Duty. The Chief Executive Officer of My Home Move, Doug Crawford, said of these additional financial concerns, `Despite the changes to Stamp Duty in 2014, the costs involved in moving can still tally into the thousands. This is especially true since the introduction of the 3% surcharge for additional properties. For those on a fixed income or heading towards retirement, it is not surprising that the financial reality is a stumbling block.`

However, the main issue remains the lack of suitable properties, with the research revealing that 46% of older people surveyed would prefer to move into a bungalow, while 52% simply desire a property that is easier to manage than the one they currently live in.

Housing Market Suffering from a ‘Lack of Stock`

Interestingly, the research discovered that 21% of older folks actively desire to downsize their properties in order to release equity for their children and other loved ones, which of course leaves a whopping 79% who are not placing this possibility at the top of their agendas.

Mr Crawford continued, `The housing market has been suffering from a lack of stock for over 12 months, causing demand to outstrip supply time and time again. This has resulted in sky high house prices, instances of gazumping increasing and the Bank of Mum and Dad being called upon regularly to help first time buyers with their deposit. Unfortunately, the findings from our survey suggest the situation is unlikely to ease, especially as 58% of those questioned have no intention of downsizing to release more top end properties onto the market anytime soon.`

These issues are gaining a lot of focus at the moment and it certainly seems like there will have to be a review of the Government`s current plan to build 200,000 new homes a year, which they fell short of by 40,000 last year amid concerns that even the full amount still isn`t enough.
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