Only one in seven non-retired homeowners over 55 plan to downsize their home after they stop working, a new study¹ suggests.

In a poll of 2,000 adults over 55, half said they plan on staying in their current home after they retire, rather than downsizing their home. For those aged 71 to 75, the figure is 68%.

No hassle, please

The main barriers to downsizing their home include not wanting the hassle (37%), wariness about potential costs, including Stamp Duty (35%) and a perceived lack of suitable housing (26%). Meanwhile, three in ten said there were no barriers in place, suggesting they simply do not want to move.

Of course, it’s your choice where you live. But downsizing your home can bring many benefits, such as freeing up some cash and saving you money on your bills in the long term. Living in a property better suited to your lifestyle may also be beneficial.

Knock-on effects

Low levels of people downsizing their homes can have an impact on supply levels across the property market. Analysts suggest it may prevent some growing families from finding suitably sized homes to move into. Some have also warned of a ‘ripple effect’ that could impact buyers further down the property ladder.

Here to help

If the ‘hassle’ of a house move is stopping you from downsizing your home, we’re here to make the process smoother and stress-free. Our friendly team can assist with every step, including exploring mortgage options tailored to your needs. We work with clients across Sussex, including Eastbourne, Bexhill, Uckfield, Lewes, Crowborough, Hastings, Seaford, Newhaven, Tunbridge Wells, Brighton, Hove, and Worthing.

We offer a free initial consultation that can take place at your home, workplace, or at our office.

To learn more about our services, watch our helpful videos explaining how we operate under FCA guidelines. For additional expert advice, don’t miss our financial blogs, packed with valuable insights.

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¹Pegasus, 2024

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

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