Why Aren’t Over 65s Moving?

A recent survey carried out by The Family Building Society, a member of the Radix Big Tent Housing Commission, highlights some of the reasons why older homeowners are reluctant to move.

More than half of those surveyed said that stamp duty was a barrier to moving to a property that was more suitable for their needs. Meanwhile, 53% said they were discouraged from moving because there simply weren't enough suitable property options available to them.

Interestingly, 58% of respondents said they were considering moving to a smaller property in the future. This suggests that there is a willingness among many older homeowners to move, but that financial considerations and the availability of suitable homes may be preventing them from doing so.

Many older homeowners live in larger family homes which they may struggle to maintain, live comfortably in or, in some cases, afford. These factors can have an impact on quality of life, mental wellbeing and overall comfort during later years.

What Are Campaigners Calling For?

Campaigners are calling on ministers to consider removing stamp duty for people over the age of 65. The aim would be to reduce the cost of moving and make it financially easier for older homeowners to move into a property that better suits their needs.

The Radix Big Tent Housing Commission recommends an initial pilot stamp duty relief scheme. Under the proposal, buyers over a certain age, such as 65, who purchase a residential property to replace their main residence could be eligible for a stamp duty rebate.

The proposed scheme would not apply to people purchasing a second home or a buy-to-let property.

First-time buyers already benefit from stamp duty relief to help them get onto the property ladder. Campaigners argue that a similar incentive for older homeowners could encourage more people to move and, in turn, release larger homes back onto the housing market.

It’s About Right-Sizing, Not Simply Downsizing

When it comes to housing for people over 65, the term increasingly being used is ‘right-sizing’.

We’re familiar with the idea of upsizing for growing families and downsizing when children have left home. However, right-sizing is slightly different. Rather than simply moving into a smaller property, it means finding a home that is genuinely appropriate for later-life needs.

This is becoming increasingly important as the UK's population ages. It is estimated that by 2030, one in five people will be over the age of 65.

Unlocking this housing stock could help increase the supply of properties available to buyers across the country and potentially make it easier for younger families and first-time buyers to find suitable homes.

What Does a Right-Size Home for Over 65s Look Like?

Right-sizing isn't necessarily about moving from a five-bedroom house into a three-bedroom property, or from a three-bedroom family home into a one-bedroom apartment.

The number of bedrooms isn't always the most important consideration. A couple may still want two or three bedrooms to accommodate visiting family, allow couples to sleep separately if needed, or provide space for future care support.

Instead, the focus should be on finding a home that is comfortable, practical, easy to maintain and suitable for changing needs later in life.

Layout and Accessibility

The design and layout of a property can make a significant difference to how easy it is to live in as homeowners get older.

• Open-plan layouts offering greater flexibility and accessibility
• Downstairs walk-in showers and toilets
• Wider doorways for easier movement
• Level flooring throughout the property where possible
• Staircases that aren't excessively steep
• Flexible spaces that can accommodate visiting family or care support

Many over 65s remain extremely mobile, so a suitable home doesn't necessarily need to be completely stair-free. Instead, the aim is to provide a property that can continue to work as needs change over time.

Easy-to-Maintain Homes

Maintenance is another important consideration when choosing a right-size property. A home that requires less upkeep can give homeowners more time to enjoy their retirement rather than spending it on cleaning, decorating and repairs.

Energy Efficiency and Affordability Matter Too

Affordability and energy efficiency are also hugely important. A suitable later-life home should be comfortable and warm without placing unnecessary pressure on pensions or savings.

Features such as underfloor heating can provide an efficient way to heat a home while also freeing up wall space by removing the need for traditional radiators.

New-build properties constructed to modern regulations can also benefit from high levels of insulation, ventilation and energy-efficient glazing. This can help reduce heat loss and the amount of energy needed to keep a property comfortable.

Smart heating technology can provide another benefit, allowing homeowners to control temperatures automatically and manage their home's heating more efficiently.