2/3’s Of People Aged 60+ Haven’t Considered Downsizing

Two thirds of people in Britain aged over 60 have never considered downsizing their property according to a new survey. The research concluded that 66% of people have yet to think about selling their home and moving into smaller accommodation.

The survey suggests that people in the West Midlands are the most anxious about downsizing, whereas the North West, Yorkshire and London are more open to the idea.

The main drawbacks identified by those surveyed to downsizing were the upheaval or stress of moving, cited by 45%, while 35% did not want to reduce their living space, 30% were concerned about a loss of familiarity, such as reliable neighbours, and 28% were worried about the sentimental impact of leaving the family home.

The top two motivating factors for downsizing among people aged 60 or over were related to property size. Some 43% want to avoid the burden of maintaining a larger house and garden and 32% said that their current property is too large for their needs.

Other factors included a reduction of day to day living expenses, cited by 29%. The death of a spouse or partner was surprisingly only a reason to move to a smaller property for less than a fifth of people at 19%.