14% of those aged over 55 and who are not yet retired are considering downsizing, according to later-living provider Pegasus.
In Pegasus’ survey of more than 2,000 adults over the age of 55, data revealed one in two (50%) are planning on staying in their current family home post-retirement, a figure which rises to 68% for those aged 71 to 75.
The survey, which explores the housing dilemmas that many older people face, also underlined the reason behind the reticence to downsize.
The hassle of moving (37%) and the cost of Stamp Duty (35%) were the two biggest barriers to downsizing.
A lack of suitable housing was the next biggest barrier for over a quarter of future downsizers (26%).
Steve Bangs, CEO of Pegasus: said: “The downsizing dilemma is significant for the industry for two reasons – not only does it underline the lack of supply and need to build more homes fit for all, but it also underscores a huge concern with the overall health of the housing market.
“If older homeowners remaining in larger family homes feel they can’t move, upsizing families will also find themselves at a loss.
“This will in turn have a ripple effect right across the board, slowing down transactions and hindering housing prospects for first-time buyers.”
