More than half of over-50s have considered downsizing their home in order to help reduce their energy bills, the latest research from Regency Living has revealed.
The latest figures from Ofgem showed that while the average direct debit energy price cap has fallen by 6.4% in October to December 2024 versus the same period last year, it still sits at £1,717.
This was an increase of 9.5% versus the previous quarter, with a further increase of 1.2% expected in Q1 of 2025.
71% of those surveyed by Regency Living stated that they struggle with the cost of their energy bills.
As many as 67% had so far refrained from turning on their heating in order to keep costs down.
Regency Living’s analysis of Government data on energy consumption found that the average home in Plymouth consumes a total of 10,795 kWh – the lowest level of energy consumption in the nation.
Tim Simmons, sales and marketing director at Regency Living, said: “Downsizing can bring a range of benefits to homeowners in their later years and the cost savings associated with such a move certainly rank amongst the most attractive reasons to do so.
“Not only can you release a great deal of the equity that has built up in your home by opting for a smaller, more affordable property, but the upkeep costs are also more manageable, not to mention it costs less to heat.
“This means that homeowners can not only enjoy later life, but they don’t have to worry about stocking up on blankets and warm clothes to avoid putting on the heating when a cold snap does hit.”
