Clients Introducers
  • About
    • Our Story
    • Simplify
    • Our Awards
    • Corporate Social Responsibility
  • Services
    • Our Services
    • Direct Conveyancing Service
    • Panel Management
    • eWay
    • Remortgage
  • Careers
    • Why Choose Us?
    • All Vacancies
    • Learning and Development
    • Employee Benefits
    • Meet Our People
    • Policies
      • Our Gender Pay Gap Report
      • Slavery and Human Trafficking Statement 2020/2021
      • Recruitment Privacy Policy
  • Introducers
    • Our Partners
    • Introducer eWay
    • Direct Conveyancing Service
    • Panel Management
    • Lender Services
    • Remortgage
    • Account Management
    • My Home Move My Reward Scheme
  • Clients
    • What is Conveyancing?
    • Client Services
    • eWay Demo
    • FAQs
    • Get an instant quote
  • Premier Property Lawyers
    • Our-in-house Law Firm
    • Contact Details
    • Premier Property Lawyers Website
  • News
  • Blog
  • Contact Us

Downsizers hindered by moving costs and lack of the ‘right kind of properties’ – survey by My Home Move reveals

July 25, 2016
  • 58% of over 55s have no intention of downsizing
  • For those that would consider downsizing (25%) the lack of suitable properties and the costs involved in moving, including Stamp Duty, represent barriers to them moving
  • 46% of would-be downsizers want to move into a bungalow, while 20% are looking for a detached property
  • Over half (52%) of would-be downsizers want a property that is easier to manage, while 21% want to release equity to help loved ones and enjoy life’s luxuries

A recent survey conducted by My Home Move, the UK’s leading provider of mover conveyancing services, has revealed that 58% of over 55s have no intention to downsize in the near future, despite industry calls for more family-sized properties to come onto market.*

Commenting on these findings, Doug Crawford, CEO of My Home Move, said,

“The housing market has been suffering from a lack of stock for over 12 months, causing demand to outstrip supply time and time again. This has resulted in sky-high house prices, instances of gazumping increasing and the Bank of Mum and Dad being called upon regularly to help first-time buyers with their deposit. Unfortunately, the findings from our survey suggest the situation is unlikely to ease; especially as 58% of those questioned have no intention of downsizing to release more top-end properties onto the market anytime soon.”

The survey of 1,000 UK residents, aged 55 and over, conducted by independent researchers Gorkana, also discovered that for those who would like to downsize (25%), there existed real and urgent barriers which were stopping them from putting their homes on the market.

39% of would-be downsizers cited there are not enough of the ‘right kind’ of properties available to move into; while nearly 40% saw the costs involved in moving, including Stamp Duty Land Tax, as too prohibitive to consider moving now.

Continuing, Doug Crawford, said, “Despite the changes to Stamp Duty in 2014, the costs involved in moving can still tally into the thousands. This is especially true since the introduction of the 3% surcharge for additional properties. For those on a fixed income or heading towards retirement, it is not surprising that the financial reality is a stumbling block.”

“We have seen stamp duty holidays for first-time buyers in the past, so there is no reason the government couldn’t extend a similar scheme to downsizers, to help free up the market and get transactions moving.”

“In a final point, would-be downsizers highlighted the lack of ‘right-sized’ properties available to buy as a barrier, with over half looking for a bungalow as their preferred new home, as opposed to purpose built retirement properties. However, with only 2%** of new builds being registered as bungalows in 2015, it would seem their frustrations are justified.”

Go Back

LATEST POSTS

My Home Move wins again!

My Home Move Newcastle announce office relocation

My Home Move wins at Mortgage Strategy Awards 2019

Recent Posts
  • My Home Move wins again!

    July 19, 2019
  • My Home Move Newcastle announce office relocation

    May 28, 2019
  • My Home Move wins at Mortgage Strategy Awards 2019

    March 27, 2019
  • Conveyancing powerhouse created as The Simplify Group and My Home Move join forces to become ‘Simplify’.

    February 25, 2019
  • My Home Move wins Negotiator Awards 2018

    December 3, 2018
  • My Home Move wins at the British Legal Technology Awards 2018

    November 2, 2018

Contact us on 0345 234 0230 or email at info@myhomemove.com 2018. My Home Move Ltd.
All rights reserved. Registered in England & Wales No. 03874320
Registered office: 1 Frances Way, Leicester, LE19 1SH
Use of this website signifies your agreement to the Terms of Use and Online Privacy Policy.

© 2016 My Home Move |
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy
  • Acceptable Use Policy
  • Modern Slavery Act
  • HTML Sitemap
  • XML Sitemap
  • Credits
  • About
    • Our Story
    • Simplify
    • Our Awards
    • Corporate Social Responsibility
  • Services
    • Our Services
    • Direct Conveyancing Service
    • Panel Management
    • eWay
    • Remortgage
  • Careers
    • Why Choose Us?
    • All Vacancies
    • Learning and Development
    • Employee Benefits
    • Meet Our People
    • Policies
      • Recruitment Privacy Policy
      • Our Gender Pay Gap Report
      • Slavery and Human Trafficking Statement 2020/2021
  • Introducers
    • Our Partners
    • Introducer eWay
    • Direct Conveyancing Service
    • Panel Management
    • Lender Services
    • Remortgage
    • Account Management
    • My Home Move My Reward Scheme
  • Clients
    • What is Conveyancing?
    • Client Services
    • eWay Demo
    • FAQs
  • Premier Property Lawyers
    • Our-in-house Law Firm
    • Contact Details
    • Premier Property Lawyers Website
  • News
  • Blog
  • Contact Us