Survey from Zoopla looks at the attraction of staying in a larger house
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Property website Zoopla has looked deep into why so many older homeowners stay in houses that are bigger than they need on a day-to-day basis.
According to the research, 41% of homeowners aged 65+ live in a property which is ‘larger than they need’. The survey findings from Zoopla reveal that 9 in 10 older homeowners have at least one spare bedroom, meaning there’s an estimated 10 million spare bedrooms in houses owned by people aged 65+ alone.
So why are so many people choosing to live in homes that are bigger than they need? According to Zoopla, 22% of people cite emotional ties, with two thirds of them (65%) admitting they still think of their property as the ‘family home’.
According to the survey, the average length of time that older homeowners have been living in their home is over a quarter of a century. After so many years making their house a home, with precious memories of raising a family within its walls, selling up in later life clearly isn’t so easy once grown up children fledge the nest.
In addition to nostalgia, Christmas also features as a reason for keeping hold of those extra bedrooms. According to the data, just over a quarter (27%) are worried about the practicalities of hosting celebrations like Christmas if they downsize.
Despite the capital potentially gained from a sale – which could help to clear or reduce their mortgage, bolster their retirement savings, or top up their monthly income – nostalgia and the ability to invite loved ones to stay comes first for many.
Other reasons were also cited for homeowners choosing to keep hold of their larger abodes. Worries about moving, for instance, featured on the list. According to the survey, a quarter (25%) of people aged 65+ feel that the process of moving from their home would be ‘too stressful’.
