With housebuilding falling short of Government targets and demand for homes continuing to rise, it’s clear the UK can’t build its way out of the housing crisis alone. We also need to make better use of the homes we already have.
One of the biggest untapped opportunities lies in supporting older homeowners to ‘right-size’, freeing up larger family homes and encouraging movement in the market. But the process must become simpler, faster and less stressful if we want to make meaningful progress.
Our recent research report ‘The Future of Homebuying: Consumer Expectations and the Path to Digital Transformation’ shows that later-life movers are more willing than ever to make a move, with almost half (47%) of homeowners aged 75 plus who bought a property in the last five years opting for a smaller home. Among those aged 65 to 74, 34% chose to down-size. Yet, despite a clear appetite for change, many are put off by the experience itself.
For 68% of homeowners aged 75 and over, the biggest barrier to moving was the length of time it takes to complete a transaction. Among those aged 65 to 74, 55% said the same. When you’ve lived in your home for decades, the idea of packing up and entering an uncertain, expensive and protracted moving process is understandably daunting.
And yet, the potential benefits of unlocking under-occupied homes are substantial. A meaningful shift could free up thousands of family-sized properties, helping younger generations onto the ladder, improving mobility in the housing market, and creating homes that are better suited to the changing needs of an ageing population.
Stamp Duty Land Tax (SDLT) is often blamed for discouraging moves, and while it undoubtedly plays a role, the public purse is stretched.
Rather than rely on major fiscal reform, a more immediate and cost-effective lever is improving the transaction process and that starts with embracing technology.
The appetite for digitisation among this demographic is far higher than many assume. Our research shows strong support among older homeowners for digitisation of property transactions such as the introduction of Digital Property Packs.
Nearly 80% of those aged 65 to 74 said they liked the idea, and 70% would be happy to use one. Even among the 75 plus age group, two-thirds said the same.
These packs provide upfront access to verified property data, helping to reduce delays, prevent fall-throughs and improve transparency. In short, they make the experience of moving home significantly less painful.
We have a real opportunity to improve housing market efficiency, reduce friction for movers and free up stock, all by modernising the way we manage property data. It’s time to move away from the assumption that digitisation is only for the tech-savvy first-time buyer (FTB).
Older homeowners are telling us they’re ready to move. The industry now needs to meet them halfway. It’s not just good for later-life buyers and sellers – it’s good for the entire housing system.
Maria Harris is chair of Open Property Data Association (OPDA).
