It has long been considered the norm for people in retirement to move to a smaller house, but over 55s in the UK are bucking this trend, according to the Nationwide Building Society.
It found that only 36% of retirees wants to downsize.
This is because 20% refuse to do so; saying that, if they were to move, they would look for a property that was either the same size or larger than their current one.
An additional 43% said they will not even consider moving house again.
Standing their grounds
Among the reasons for not downsizing 49% said they do no to want to give up their current space, 22% want to have room to host family, 18% need it to keep “a lifetime of possessions” and 10% said they want to use it to enjoy their hobbies.
But for those willing to move to a smaller property, easier management was the most popular answer (46%), even though nearly three in four (73%) said they would stay in their current house if they could.
Nearly a quarter (24%) of respondents said they would consider equity release to stay in their current property; revealing that, on average, they have £115,559 ($144,318, €130,543) in equity, the building society found.
Breaking the mold
Jason Hurwood, Nationwide’s director of home propositions, said: “The perception that all older people want to downsize to much smaller properties is outdated and cliched.
“As the research shows, people aged 55 and above are putting off the traditional downsizing house move, with space being very much in demand for a range of reasons – from entertaining friends and family to allowing them to keep and store valuable keepsakes and belongings.
“However, remaining in a larger property may have financial implications in later life, from mortgages to maintenance.
“With many retirees being property rich and cash poor, planning for the additional costs that may be needed is essential.”
The survey’s sample comprised of 2,006 UK adults aged 55 and over.
