Over 55s Considering Downsizing Due to Pandemic

According to the latest research from Audley Villages, it’s estimated that 1.8 million Brits aged over 55 are actively considering downsizing their home earlier. This comes as a direct result of the pandemic with more of the older generation looking for properties that will suit their changing needs. 

Embracing smaller spaces in later life

The research found that many over 55s are making new plans about the homes they would like to live in and are considering making home moves sooner than anticipated. A quarter of the over 55s surveyed are considering downsizing within the next year, and that figure jumps to 54% within the next two years. 

In separate research conducted by Audley in 2019, only 6% of over 55s who were still living in their family home thought they would move properties in the next one to two years. The sharp contrast in these figures highlights a potential shift in mindset from the older generation.

Why do people downsize?

The pandemic has caused a huge shift for homeowners over 55, sparking them to reassess where and how they live. The demand for living near friends, family, hospitals, amenities – all within an easy-to-manage property is a desire for many over a certain age.

The main motivators for downsizing include:

• Living in a home that is more suitable to changing needs
• Living in a property that requires less maintenance than the current home
• Living nearer family and friends

For older people, living in a property that is easy to maintain and that will readily adapt to their needs as they age can instantly deliver peace of mind. As more empty-nesters downsize, we expect to see more family homes on the market.