First home, family home… then what? Maybe nothing, new research suggests¹, with older homeowners standing their ground and not considering downsizing. 

Indeed, seven in 10 respondents said that they are not looking to downsize, in a survey of 1,000 homeowners. Moreover, although 29% do plan to downsize within the next five years, only 13% of over-75s have actually done so. So, what’s stopping them? 

Forever home 

The main reasons cited for not wanting to downsize include not being suited to a smaller house (31%), already living in their ‘forever home’ (25%) and having no desire to move away from their community (23%). 

Moreover, the process of moving was also called into question on the grounds that it would be ‘exhausting’ (22%) and would not bring financial benefit once costs were taken into account (16%). 

Downsizers 

On the other hand, of those who do plan to downsize, 43% cited finding it easier to look after a smaller property, while 38% said that it would be cheaper and 27% noted a desire to have more money to retire with. 

¹Key, 2023 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.