Middle aged downsizing? – no thanks

Kirsty Mcluckie on why she is selfishly planning to stay put

If only all those selfish older people would sell up, downsize and set free their larger houses for families, the severe shortage of homes in the UK would be substantially eased – or so the thinking goes.

But homeowners aged over 55 in the UK are almost as likely to upsize to a new home than downsize, according to a report published by the NHBC Foundation which challenges the assumption that an increasing number of older homeowners want a compact life.

The study, carried out by the Cambridge University Centre for Housing and Planning Research, looked at moves by homeowners aged 55 to 74 who bought their current new build home between 2010 and 2016.

Of the moves made during that period, only 39 per cent downsized to a place with fewer bedrooms, a third moved to a property with the same number and 28 per cent upsized to a home with additional bedrooms. 40 per cent had the temerity to choose a four-bedroomed house, despite an average occupancy of just two people.

The age group is an influential demographic in the property market.

The over-55s make up half of all homeowners and account for about 330,000 home moves a year.

And it is a market set to grow, as the number of people aged over 55 is projected to rise from 19 million in 2014 to over 26min the next 25 years.

Neil Smith, NHBC head of standards, innovation and research says: “Many older buyers are not looking to downsize or even to release equity when purchasing a new build home.

“What’s more, they don’t consider themselves as old and feel they are decades away from requiring specialist accommodation.”

Being only a few years off the older buyer age myself, and in possession of a family-sized house despite no longer filling it with offspring, I am still resistant to the idea that I am causing the supply chain problem and should do my civic duty and move to a shoe box.

Far from rattling around in our house, like some latter-day Miss Haversham, I still use every room on a regular basis, either for weekend guests, as a place to work or for random activities such as family members’ band rehearsals.

Nor am I convinced that one child departing for university and the other likely to follow this year will mean that we won’t have them returning to live with us again over the next few years.

I can see a time coming when a smaller house will be an advantage, with less room to heat in particular being a plus.

But moving to an easily maintained flat or bungalow is not on my horizon for decades yet, and nor are any of my peer group eager to downsize, despite most getting to the end of their hands-on parenting roles.

The generation above us, aged from their late 60s onwards are starting to think about it, but it is more likely to be because they want to use retirement to travel and don’t want the responsibility of a large house to tie them down, rather than because their health requires it.

People are living longer, healthier lives and if the majority of us want to spend our 50s and 60s in the home we have presumably spent our working lives paying for, then those considering the shortage of housing in the UK would do well to look elsewhere for solutions.