An OPDA survey of 5,000 homebuyers and sellers has found strong support for digitising the homebuying process amongst older movers, with a large majority of buyers aged 65 and over agreeing it’s a good idea.
The Censuswide survey of people who had bought or sold a property within the last five years found that 70% of those aged 65-74 would use a digital property pack, with 66% of over 75s saying the same.
‘There is an assumption that older people are resistant to change or digital solutions but our research clearly shows that isn’t the case,’ OPDA chair Maria Harris said. ‘Digitisation isn’t just for the younger market; many established homeowners are actively seeking it’.
And, OPDA adds, with over-65s ‘living in some of the most under-occupied homes in the country’, encouraging and supporting this group to move to smaller properties ‘could free up thousands of family homes’.
Harris commented:
“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.”
According to the research, 34% of respondents aged 65-74 had chosen to downsize in their move, which rose to 47% of those aged over 75. But more than half of respondents (55%) aged 65-74 and 68% of over 75s complained of long transaction times. OPDA believes that embracing technology will not only speed up the process but also serve as an ‘effective and impactful short-term lever’ to help ease the housing crisis.
Harris added:
“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.”
OPDA is urging policymakers, regulators and property professionals to enable a shift to digital property transaction tools by implementing transparent property data sharing. The call is backed by Phil Spencer, property expert and founder of advice website Move iQ, who 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.”
2 responses
Having previously cast a slur against hardworking property lawyers, it seems, OPDA is getting desperate with this slightly absurd poll.
Surveys such as this are notorious for sampling errors, methodological flaws and straightforward bias.
The true story here is that following a huge wave of cyber-attacks across the spectrum of businesses and public authorities, the idea of exposing a relatively secure and huge property market to digitalisation is looking ever more ridiculous.
Well if Phil Spencer says it’s a great idea then it must be.