The stress of moving and lack of suitable housing is putting older homeowners off moving home, potentially blocking second stepper homes for families looking to move up the property ladder.
1.2 million UK homeowners aged 55 and over have put plans to move on hold in the past two years, despite initially considering a move according to research by the HomeOwners Alliance. 41% of those older than 55 cited the stress of moving as the number one reason to avoid moving home; compared to the national averaged of 35%. And the lack of suitable homes is also an issue for older home movers, with 34% citing it as the reason to put their move on hold, compared to 27% nationally.
HomeOwners Alliance point to a shortage of bungalows as a factor in the issue of suitable housing. Bungalows are the most popular choice for home movers aged over 5 5 according to the research, with 38% saying they would prefer a bungalow for their next move. But they are simply not being built suggests data from the National House Building Council (NHBC) which shows they make up just 1% of the total number of new homes in 2024; down from 11% in 1990.
Interestingly, fewer older homeowners cite issues with house prices or the cost of moving as a deterrent to any decision to move home. 23% of respondents said house prices are too high, compared to 35% nationally, and 24% said moving costs are too high, compared to 28% nationally.
Commenting on the research, Paula Higgins, CEO of HomeOwners Alliance said:
“Our research shows that too many older homeowners feel stuck in homes that no longer work for them but struggle to find an appropriate alternative. There is a huge demand for bungalows but hardly any get built anymore. With the UK’s rapidly aging population, we hope the government’s long-promised housing strategy looks at a better range of retirement housing, including single-storey solutions.
“No one wants to make their life more stressful and as we age the prospect of a house move can be overwhelming. Buying and selling a home is too uncertain, takes too long, and is too expensive.”
Separate research published by Barclays Bank earlier this week suggested many first time buyers were skipping a step on the property ladder and purchasing “forever homes” with a third of first-time buyers moving to semi-detached properties with the intention of staying put. Semi-detached properties account for 33.5% of first-time buyer purchases, with 33% of buyers aged between 18 and 27 saying they bought a ‘forever home’ so they wouldn’t have to move, with 27% saying they planned to stay in their home for at least 10 years.
