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Lancashire Times
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12:00 AM 3rd July 2024
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Just 30% Of Empty Nesters Choosing To Downsize

 
Image by Schluesseldienst from Pixabay
Image by Schluesseldienst from Pixabay
The latest analysis by residential park bungalow provider, Regency Living, has revealed that just 30% of empty nesters are deciding to downsize, with a further 8% intending to do so anytime soon, however, of those who have 83% said they were happier for doing so.

The survey of over 2,500 empty nesters*, commissioned by the company, found that just 30% have chosen to downsize from their original family home since their children flew the nest, with 70% opting to stay put.

Of those who haven’t decided to downsize, over half (52%) were living in three-bedroom homes, with a further 28% living in properties with even more bedrooms.

What’s more, of those who have remained in their family homes, just 8% stated they have ambitions to downsize anytime soon.

So why the stubborn attitude to downsizing?

The top reason was that empty nesters like to have space for their children when they do return home to visit, while their wider street, neighbours and community was also a prominent factor.

Having the space to accommodate friends also ranked high, whilst many also felt that having worked all their life to purchase their family home, they don’t want to leave it.

Downsizing has become a hot topic as the housing crisis has grown in severity, with many highlighting that downsizers occupying homes that are simply too large for their personal needs are preventing other buyers from moving further up the ladder, causing a bottleneck within the market in the process.

But is downsizing all that bad?

The company found that of those surveyed who have downsized, a notable 83% said they were happier for doing so.

When asked the best thing about downsizing, having a smaller property to upkeep ranked top, while many enjoyed a fresh start in a new location, as well as saving on their outgoings such as utilities.

A Regency Living spokesperson commented:
“Downsizing is a sensitive topic and many homeowners who have climbed the property ladder for much of their life simply don’t want to sell up the family home, which is completely understandable.

"However, at the same time we have a real shortage of suitable housing stock to meet the current housing crisis and there are many more in need of larger family homes that are currently occupied by single or partnered empty nesters.

"Interestingly, some of the biggest sticking points when it comes to downsizing are the size of our homes, our ability to accommodate visitors and the wider community in which we live.

"These are aspects that residential park homes are incredibly popular for as they provide spacious modern living, in ready made, tight-knit communities, with plenty of outdoor space within the parks themselves for grandkids to explore.

"And now, with our Home Part Exchange scheme, we can buy your existing home for 100% of market value to help you quickly get moved into your stunning new park home community.”


Survey results and Sources
*Survey of 2,525 over-40 empty nesters carried out by ProperPR on behalf of Regency Living via consumer research platform Find Out Now (10th June 2024).
Most people become empty nesters between the ages of 40 and 60. (Source: Pacaso)

View full survey results here..