Why aren't people downsizing?
Susan was asked to comment on this question for the Evening Standard. Here she shares her answers in full - exploring why a move in later life is so much more than a logical or financial decision.
This week I was asked to comment on this question for the Evening Standard. Whilst the article concentrates on London and the recent Zoopla research which suggests 'A third of London's over-65s admit to living in a home that's bigger than they need - so why aren't they downsizing?' this reality isn't unique to London.
I thought I'd share the questions posed to me in full and the answers I gave, as they always need to be chopped down for publication.
Firstly I'll say that I'm all for people staying in their own homes for as long as they like and I champion ageing in place. What we at Turners Oak offer is an informative, pragmatic, consultative and empathetic service that empowers people to make informed decisions about their future. All too often people don't know where to start when considering a move in later life and can feel 'stuck'. When you've not moved for over 30 years, are perhaps now without a life partner and aren't sure what options are available and what a move may entail, it's much easier to just stay put. And that's before we consider the emotional aspects of leaving a much-loved family home.
As you'll see from my responses, considering a 'downsize' is so much more than what, on the surface, appears to be a logical decision.
Why do people find it difficult to downsize when financially it often makes sense?
A move in later life is so much more than a logical or financial decision. Our identities are tied to our homes and they can hold so many important memories. A downsize - or rightsize as I prefer to say - can feel like you are leaving some of that behind and can be full of emotions and fears.
When you've lived in your home for 30+ years there's also the significant practical aspects of a move - which can be a challenge at the best of times - as well as the prospect that people may have lost a life partner and have never made a decision that big alone before.
When you see a move in later life through the eyes of the older person it becomes easier to understand why people hunker down where they are and stay with what they know; where they feel safe even if it's no longer necessarily the safest place to be.
What policies might encourage downsizing?
Removing SDLT (Stamp Duty Land Tax) for those downsizing has been shown to work as an incentive when offered by retirement developers. However only 5% of those moving in later life move into a retirement complex or any form of assisted living. Removing the SDLT for all of those moving in later life could encourage the majority who are moving into mainstream housing to take that next step. Finances in later life are finite so any saving is significant.
We also have a vast shortage of properties designed for those in later life. It would be great to see policies that encourage and even regulate for a percentage of all new developments to specifically be catering for older movers and ringfenced for them. We have 5.4 million homeowners aged 65+ in England and this is projected to grow by 47% in the next 20 years.
What needs to change to encourage more downsizing?
There is a whole societal perception about ageing and downsizing that would be good to change. We have a rapidly ageing population - we are all, if we are lucky, going to get old and live longer. We need a greater understanding and curiosity around older people's lived experiences and we need to hear more of their voices as part of the solution.
As well as building more suitable properties we need to provide support and information that empowers people to flourish in their next chapter - wherever they choose to live.
Anything else worth noting?
When we talk about downsizing we are talking about more than just moving home. We are talking about people changing; changing from what they have known for many years. Whilst that change may be for the better, change isn't easy, especially when that change is into the unknown and perceived as a decline or a step backwards.
Older people, quite rightly, want to remain in control of their life decisions for as long as possible and we should encourage and support that.
At Turners Oak we offer a consultancy and estate agency service designed around the uniqueness of a move in later life. We are available for an informal chat, a home review service and to help you move. Get in touch here.
