Fewer over-55s want to downsize after covid

Less than a quarter (24%) of over-55s want to downsize in future, with plenty deciding to maintain their current level of comfort and space.

Many didn’t want to move to a near area due to the importance of having family and friends close by, meaning fewer property is likely to be put on the market by this demographic in the years ahead.

A quarter (24%) said they have enjoyed having space during lockdown, and don’t want to give that up.

The research comes from Legal & General Financial Advice.

Last time the firm asked over-55s about their life plans over a quarter (26%) planned to sell up, meaning a higher proportion have decided to stay put in the wake of the pandemic.

Sara McLeish, chief executive of Legal & General Financial Advice, said: “The impact of Covid-19 has clearly changed the mindset of many older homeowners, and we can see there has been an uplift in those who want to keep hold of their home.

“Over time, priorities can change, and it is only natural that over the course of the 16 months people have grown closer to their local community, valued having family nearby and enjoyed having the space to relax while in lockdown.

“Of course, the decision to move home is a big one, particularly in later life, and there are practical considerations, as well as emotional ones. Our research suggests many over 55s are still open to the idea of moving, but are mulling things over before making any decisions, so we may see a shift in stance now that lockdown has eased.”

Nearly a quarter of over 55’s who haven’t sold their home stated that they would still consider downsizing but want to see how their financial situation develops before deciding (12%) or are uncertain about the housing market currently (10%).

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