Downsizing by the over-55s ‘could free up 2.5m properties’

MORE than 2.5million family-size homes could be released if older people were encouraged to downsize, surveyors claim.

Offering incentives to over-55s to move to smaller homes could free up 2.6million properties worth £820billion, the Royal Institute of Chartered Surveyors (RICS) said.

The group called for a discount on stamp duty and a fund to help older homeowners relocate, saying it would help to ease the ‘physical and emotional effort’ involved.

It also suggested local authorities and the housing industry should provide ‘ accompanied visits’ to retirement properties to help ‘mitigate [the] emotional distress’ of moving.

In its Residential Policy Review, published today, RICS criticised ‘poor’ communication to older people about their options. It follows growing calls for changes to tackle Britain’s lack of housing supply.

Nearly a third of over-55s considered downsizing in the past five years, but only 7 per cent did, while surveyors saw the lowest number of property on their books for three decades, RICS said.

The group’s Jeremy Blackburn said: ‘Britain’s older homeowners are understandably reluctant to move … it’s an emotive issue and one that needs to be treated with sensitivity, but we would like to see central and local government provide older people with the information, practical and financial support they need to downsize if that is their choice.’

RICS called on the Government to expand Britain’s housing supply in all sectors. It suggested a requirement for developers to offer a percentage of affordable rented homes with any new build, and increased council tax for second homeowners.

Lisa Harris, of over-50s specialist Saga, said: ‘It’s right to say we should be helping people to consider to downsize, but we need to ensure that we’re not making people feel guilty for living in the home they love.’