Emotional ties trump lure of cash as ‘empty nesters’ stay put

THOUSANDS of ‘empty nesters’ living in substantial suburban homes are refusing to downsize because of ‘emotional ties’ to their property.

And despite the obvious financial savings in making such a move, experts say there is a serious lack of suitable accommodation for older people on the market.

According to the Economic and Social Research Institute (ESRI), some 26,000 couples are ‘empty nesters’, where the children have left home.

These couples over the age of 50 are living in homes with four or more rooms.

But latest figures show that downsizers make up only 7pc of the housing market.

A study by the ESRI found it is rare for older people to move house, even though a high proportion live alone in dwellings with a number of rooms no longer in use.

Property experts say that, in general, older Irish people have an aversion to upping sticks to a new location and have their hearts set on staying in the home where they raised their children.

Family memories, as well as a desire to remain close to friends and loved ones, means many empty nesters are determined to stay put.

Owen Reilly, director of Owen Reilly Property Consultants in Dublin, says these empty nesters currently make up a small proportion of total sales compared to first-time buyers and those “trading up” to a more expensive property.

“These people have raised their family in a property which is familiar to them. Their house is full of memories — and they know their neighbourhood and those living around them,” he said.

However, if more suitable properties for this sector of the market were available, more older people might be tempted to move, he said.

“If developers were specifically targeting empty nesters, I believe there would be more of an inclination to trade down homes.”

Speaking to the Sunday Independent, he said that while older people understandably “have an emotional tie” to where they live, a major issue is the fact that a lot of developments don’t provide any incentive for them to move.

However, among those who do decide to sell the family home, moving to a penthouse is proving particularly popular with some buyers.

“We get empty nesters looking at regular-sized apartments, but when they see they’re 700 or 800 sq. ft, they feel they are just too small, compared to what they’re used to.

“But I believe this sector of the market is prepared to pay a premium if you give them what they want.

“They want space, security, privacy, storage, parking spaces and communal areas where they can get to know their neighbours.”

According to the ESRI, an analysis of almost 6,000 people found that one-third of those aged over 50 live alone.

Some 63pc of those over 80 live on their own, and almost 90pc of cases related to socalled ‘empty nesters’.