First home, family home… then what? Maybe nothing, new research suggests1, with older homeowners standing their ground and not considering downsizing.
Indeed, seven in 10 respondents said that they are not looking to downsize, in a survey of 1,000 homeowners. Moreover, although 29% do plan to downsize within the next five years, only 13% of over-75s have actually done so. So, what’s stopping them?
The main reasons cited for not wanting to downsize include not being suited to a smaller house (31%), already living in their ‘forever home’ (25%) and having no desire to move away from their community (23%).
Moreover, the process of moving was also called into question on the grounds that it would be ‘exhausting’ (22%) and would not bring financial benefit once costs were taken into account (16%).
On the other hand, of those who do plan to downsize, 43% cited finding it easier to look after a smaller property, while 38% said that it would be cheaper and 27% noted a desire to have more money to retire with.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.