Only one in seven non-retired homeowners over 55 plan to downsize after they stop working, a new study1 suggests.
In a poll of 2,000 adults over the age of 55, half said they plan on staying in their current home after they retire. For those aged 71 to 75, the figure is 68%.
No hassle, please
The main barriers to downsizing include not wanting the hassle (37%), wariness about potential costs, including Stamp Duty (35%) and a perceived lack of suitable housing (26%). Meanwhile, three in ten said there were no barriers in place, suggesting they simply do not want to move.
Of course, it’s your choice where you live. But downsizing can bring many benefits, such as freeing up some cash and saving you money on your bills in the long term. It may also be beneficial living in a property better suited to your lifestyle.
Knock-on effects
Low levels of downsizing can have an impact on supply levels across the property market. Analysts suggest it may prevent some growing families from finding suitably sized homes to move into. Some have also warned of a ‘ripple effect’ that could impact buyers further down the property ladder.
Here to help
If the ‘hassle’ of a house move is stopping you from downsizing, we can help with your mortgage and support you in the process.
1Pegasus, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Equity released from your home will be secured against it.
