According to the latest research from Audley Villages, those over 55 are no exception, with the latest estimates pointing to 1.8 million actively thinking about downsizing their home earlier as a direct result of the pandemic.
The research shows that many over 55s are making new plans about the homes they would like to live in as they get older and plan to make home moves soon. 25% of over 55s considering downsizing are aiming to do so in the next 12 months and that figure jumps to 54% within the next two years. In separate research completed by Audley in 2019, just 6% of over 55s who were still living in their family home thought they would move properties in the next one to two years highlighting a potential shift in mindset from the older generation.
Looking at the main motivators for downsizing, 55% decided to think about downsizing earlier so they can live in a home which is more suitable to their changing needs. Almost equally important (53%) is living in property which requires less maintenance than their current home. Location is also a key driver and is likely to have grown in importance as a result of the pandemic. 34% of over 55s say they want to move to a better location and 29% want to be closer to family and friends.
However, there is more work to be done. Research undertaken by Audley last year showed the biggest barrier for people thinking about downsizing is a lack of suitable properties. And, when asked in the 2020 research how the UK can address housing shortages 48% of over 55s say there needs to be a more suitable housing option for older people. 42% also believe that there should be greater support for older people who want to downsize their property.
Nick Sanderson, CEO, Audley Group commented: “The pandemic has caused many people to reassess their life choices, and where and how they live is one of the biggest decisions anyone can make. For older people, living in a property that is easy to maintain, and will adapt to their changing needs, instantly removes a layer of stress.
“We have seen a surge in demand for our retirement villages during the pandemic and the average age of the buyers that are moving in has fallen this year, as more and more people realise that making this move early can be life-changing.
“The difficulty is that there are not enough of these properties available. The demand for specialist retirement properties far outweighs the supply, and that’s not likely to change quickly enough without radical housing and planning reform that moves its laser vision from first-time buyers and focuses on properties that can make a real difference to the older population, while simultaneously freeing up family houses for younger people.”
