A lack of suitable housing is preventing older homeowners moving out, blocking millions of families who would like to move up the property ladder.
According to the annual Homeowner survey conducted by YouGov for HomeOwners Alliance and BLP Insurance, more than two million homeowners age fifty-five or older have considered moving but have not done so.
A lack of the right kind of homes is the main reason for older homeowners deciding to stay put, with 23% of homeowners aged 55 and over saying this is the primary reason for not moving.
As a result, families are unable to move up the property ladder into a larger home, which in turn reduces the number of available homes for first-time buyers.
While governments may be concentrating their efforts on schemes to help first-time buyers, helping last-time buyers in under-occupied homes to move might actually be a more effective strategy in freeing up housing stock.
Paula Higgins, chief executive officer of HomeOwners Alliance, said: “The recent Brexit decision means we are now in the midst of uncertain times and new housing is likely to be a victim. Government needs to focus efforts on negotiating a European exit but they must not drop the ball in delivering new housing that meets the needs of last-time buyers.
“House builders can’t be allowed to sit on their hands and land bank. The government needs to keep them building and building houses that meet the needs of last time buyers as well as first time buyers.”
Kim Vernau, chief executive officer at BLP Insurance, said: “The issues highlighted by this survey that face last time buyers are as acute as those issues encountered by first-time buyers. If we wish to provide the required quality of housing that addresses these concerns we desperately need an appropriate mix of well-designed homes alongside adequate local infrastructure to help address the current housing shortage.”
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