Older home owners are clogging up the housing market, according to new research…

The latest research from over-50s property specialist, Regency Living, reveals that 74 per cent of over-50s live in homes with more than three bedrooms despite the vast majority living in households of less than three. At the same time, around half of those actively looking to upsize to a larger home are struggling to do so, with a lack of suitable stock being one of the key reasons.

A survey of over-50s homeowners, commissioned by Regency Living, shows that 80 per cent of respondents live alone or with one other person.
Some 71 per cent of respondents live in a detached or semi-detached property, and a further 74 per cent live in homes with three or more bedrooms.

No intention
Despite residing in larger properties with more bedrooms than there are residents, 93 per cent say they have no intention of downsizing to a smaller property.
When asked why they don’t plan to downsize, the common answer among respondents is that they are financially comfortable and don’t need to release equity (24 per cent).
Some 21 per cent say it’s important to have enough space for friends and family to visit, while 16 per cent are waiting until they are older and have to downsize for health reasons.
Twelve per cent like their neighbours or neighbourhood too much to move, 12 per cent have too many belongings to fit inside a smaller home, and seven per cent say there aren’t any suitable smaller homes in the area they want to live in.

This reluctance among older homeowners to downsize is causing significant problems for buyers at lower rungs of the property ladder, buyers who are actively looking to upsize, often in order to secure a family home as the size of their household expands.

In fact, a second survey of those actively looking to upsize, also commissioned by Regency Living, found that over half (52 per cent) are struggling to find a property, with higher mortgage rates, a lack of suitable stock at the right price, and lack of suitable stock in their desired area being the leading causes of this struggle.

Leading the way
Sales and marketing director at Regency Living, Tim Simmons, commented: “Downsizing is the final stage of the home ownership lifecycle but for many, the desire to downsize is lacking and this is completely understandable given that the ascent up the property ladder is an achievement that often takes a lifetime.

“However, the decision to remain in larger family homes once the nest has emptied is causing a significant bottleneck across the property market, as it limits the supply of stock available to those looking to upsize.

“Unfortunately, when it comes to the issue of housing supply, much of the focus remains on the provision of starter homes for first-time buyers and we simply haven’t seen enough homes built with the aim of encouraging mature homeowners to downsize.

“So, while this segment of the market may be more stubborn than the rest, perhaps the issue isn’t their unwillingness to downsize, but the fact they have been largely ignored by housebuilders.

“The park home sector is leading the way in this respect and we’ve seen increasing demand for residential park homes in recent years. These sites don’t just provide an ideal property designed specifically for silver downsizers, but they also provide a community and lifestyle that is centred around enjoying later life.”