On the move

Britain’s downsizing pensioners give a vital boost to the housing market

BRITAIN could be facing a downsizing exodus, with almost half of pensioners across the country considering moving to a smaller home – providing a muchneeded boost to the UK’S chronic housing shortage.

Figures from Mccarthy & Stone’s annual Retirement Confidence Index, which surveyed 3,000 UK adults aged 65 and older, reveal that 38pc of the age group would consider downsizing their homes now, while an additional 10pc would be encouraged to move with a stamp duty exemption, equalling 48pc in total, representative of some 5.7m British pensioners.

And this number is only set to increase as the UK’S population ages. Based on population projections for the age group, figures for elderly movers are set to almost double to 11.1m by 2036, Mccarthy & Stone said.

Even without a stamp duty exemption, millions of pensioners said that they would consider moving house, freeing up property for first-time buyers and second-steppers.

According to the retirement housebuilder’s calculations, the number of downsizers moving now would help unlock around 2.8m bedrooms across the United Kingdom.

While an increase in downsizers would provide a boost to the UK’S housing supply, it would also expose the country’s grossly inadequate level of suitable housing for older people, warned Clive Fenton, Mccarthy & Stone’s chief executive officer.

“With more than 11 million people considering moving to a more suitable property by 2036, the Government needs to put specialist retirement housing and other forms of accommodation for older people higher up the agenda,” he said.