Older home owners reject downsizing as they need space for grandchildren
Older home owners in the UK don’t want to downsize when their children leave home because they want to maintain strong links to the area where they have lived for many years, new research has found.
They also want to keep the extra space they have for when grandchildren arrive, while those who are planning to downsize are seeking fund to invest in their future, according to the research from Lloyds Bank.
Some 45% say they are not considering downsizing to a smaller property despite their children leaving home and 63% admit that they like the newly found space and taking joy in rediscovering their independence.
Some 41% say they are now better off financially and 37% that they are able to spend more quality time with their grandchildren. Being financially better off has also meant that they have been able to travel more while 6% have had the chance to pursue a lifelong dream.
However, 26% do not enjoy having an empty house and 14% say it is hard to live in a family home now it feels empty.
Some 40% admit their house is too big but they will not consider moving to a smaller property as they have built strong ties with the community that they live in while 32% say that they are financially comfortable so have no pressing reason to downsize and 29% say that moving would be too much of a hassle.
Overall 28% say they need the space to look after grandchildren and they typically have two spare bedrooms while 20% are reluctant to leave a home full of memories.
The research also found that for those wanting to downsize some 40% say they want a smaller home to reduce their monthly outgoings and 10% say that they can no longer afford to live in a bigger home.
Some 30% say that they are looking to move to a more manageable flat while 27% would opt for a bungalow. Only 2% would consider sheltered housing with the research suggesting that downsizing from a detached three bedroom home to a flat or bungalow, would result in receiving £109,659 on average.
Almost two fifths of downsizers, 37%, plan to invest in financial products, 34% would invest in their pension and 15% would give money to close family members.