Keeping hold of area ties deters older homeowners from downsizing

Recent research suggests that as older UK homeowners want to maintain strong links to the area they’ve lived, they don’t want to downsize when their children leave home.

According to Lloyds Bank, homeowners are also put off moving because they want to retain the extra space for the arrival of grandchildren, as well as their own enjoyment of the additional room.

Despite their children having flown the nest, around 45% of older homeowners said that they are not thinking about moving to a smaller property, with over half (63%) stating that they have enjoyed finding their independence once again.

However, the research found that not everyone was fond of the additional space, with the research revealing that 26% did not enjoy having an empty home.

Whilst 40% claimed that their house was too big, the ties they’d formed to the surrounding area meant that they’d been put off downsizing, with 29% saying that making the move would be too much hassle.

For those who are wanting to downsize, the research found that 30% are in search of a manageable flat, whilst 27% are looking for a bungalow.