He is a bright man and a successful architect, but through rain, shine and everything in between, he was convinced that the mighty Villa would triumph. 

It wasn’t logical, but then people are not logical, and that is something that we as an industry need to bear in mind when we are speaking to customers and measuring outcomes.

 

Being emotionally tied to where you live 

Very few people buy a house. They buy a home, they buy family dinners in the kitchen, kick-arounds in the garden and walks to the local pub. 

Conversely, they don’t sell a house either – they let go of memories, they walk away from familiar routines and the knowledge that turning on the kitchen tap if someone is in the shower is a bad idea. For younger people, this change might be exciting, but as people age, the familiar becomes even more important. 

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So, I read the recent article that suggests that people could unlock £498,000 by downsizing from a five-bed to a three-bed property with some scepticism. 

Are the figures correct? These are averages, so there will be some people who can do this, but whether they want to do this is entirely another matter. 

Moving with 10 years’ worth of possessions is different to moving with 50 years’ worth of memories and we know that there are not enough properties that are designed to support our ageing population in the areas they want to live in. 

Indeed, the House of Lords Select Committee on Public Service and Demographic Change has called on the government and builders to ensure that the housing needs of the older population are better prioritised and addressed. 

Downsizing is also not simply about money, as 23% of people told the Intergenerational Foundation said they can’t downsize as they are too attached to the area they live in. Older people are not only more likely to be active in their community but also derive security from being part of a community.

 

Make downsizing a reasonable, not forceful, option 

So, what is the answer?

Unfortunately, there isn’t one – or rather, there isn’t a simple one. Instead, as an industry, we need to consider how we put the customers at the heart of what we do and build a system that supports people as they make these choices. 

Whether it is building good referral pathways, growing a network of trusted contacts or having challenging conversations, advisers have the opportunity to help clients find the right option for their individual circumstances. 

There are also a range of later life lending products, from equity release and retirement interest-only (RIO) mortgages to later life mortgages to help older homeowners. 

Bob may wish to downsize, Alice may want to stay in the family home but help her son onto the property ladder, and Brian may want to sell up and move to France.

All of these are choices that can – and should – be supported, but it is time that we start accepting that there are nuances to this argument, rather than people who simply refused to downsize.