Facts about downsizing

A quarter of retired older people are considering downsizing to fund retirement and cut bills. Downsizing can release on average £98,000 and much more in London.

Almost three-quarters of the 10.4 million people aged over 65 in the UK own the property they live in – 4.3 million homes worth some £1.3 trillion. 2.8 million homes are owned by those aged 55-64.

Of owner occupied homes, 49% are ‘under-occupied’.  3.6 million of owner occupied homes contain one person and  two million of these owners are aged over 60.

Some 40,000 people a year are forced to sell their home to pay for care.

One in ten older people report feeling lonely all or most of the time.

Older people have loaned their children and grandchildren some £18 billion to help buy a property.

By 2030 the number of people aged over 65 will rise by 50% and those over 85 will double.

There needs to be a much greater supply of specialist housing for older people with a wider range of options. Only 1% of older people live in specially adapted housing. Older people want to downsize and need better choices…

 

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