Research from the Open Property Data Association (OPDA) showed that older homeowners are open to moving to smaller homes, but slow and expensive processes are putting them off.
More than a third (34%) of people aged 65 to 74 who bought a home in the past five years downsized, rising to 47% among those aged 75 and over.
More than half (55%) of people aged 65 to 74 said long transaction times were the biggest barrier to moving, rising to 68% in the 75 plus group.
Maria Harris, chair of OPDA, said: “There is a clear desire among older homeowners to move, but the current system feels too slow and expensive to make it a viable option.
“In addition to the Government’s ambition to build, we need to get smarter about using what we’ve got and that starts by removing barriers to moving.”
OPDA’s research also found strong support for digital property packs among older movers.
Nearly four fifths (77%) of people aged 65 to 74 liked the idea, and 70% said they would use one.
Among those aged 75 plus, 70% thought they sounded good and 66% would use them.
Harris added: “There is an assumption that older people are resistant to change or digital solutions but our research clearly shows that isn’t the case.
“Digitisation isn’t just for the younger market; many established homeowners are actively seeking it.”
“Digitising property data and improving the moving experience isn’t just good for buyers and sellers; it’s good for the whole system.
“If we make moving easier, we’ll help unlock the right homes for the right people at the right time.”
Phil Spencer, property expert and founder of Move iQ, said: “I’ve seen time and again that many older homeowners would happily move if the process wasn’t so daunting.
“We need to make it easier, quicker and less stressful, especially for those who’ve lived in the same home for decades.
“Digital tools like property packs could make all the difference in giving people the confidence to make that move, which in turn frees up homes for the next generation.”
