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Decline in downsizing clogs up housing ladder

by: Samantha Partington
  • 13/03/2015
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Decline in downsizing clogs up housing ladder
Dwindling numbers of homeowners in Scotland aged over 50 who want to downsize are placing a strain on the stock of family homes available for second steppers to buy.

A report published by the Bank of Scotland revealed less than one in 10 of over 50s surveyed said they had plans to downsize.

When asked why this was not a consideration most said they were happy with their current home which included three quarters of over 65s.

More than a third of over 50s said they felt no financial need to move to a smaller property.

The Bank of Scotland said this reluctance to downsize had significant implications for the Scottish housing market as most downsizers sell their homes to second steppers looking for larger homes to settle with their families.

The bank said this research suggested a need for more family homes in cities which are of both an acceptable standard and affordable. The homes must be accompanied by high quality neighbourhoods that provide pleasant, safe, secure environments, served by good schools, transport and other services.

The findings also revealed a need to identify obstacles preventing over 50s from moving and develop housing more suitable for the needs of older generations still at work in retirement longer than they would have been in past generations.

Bank of Scotland commercial banking managing director Alasdair Gardner said there was no quick fix to the challenge and facing up to it required a sustained programme of investment.

“We need to expand the supply of good quality homes available both to buy and to rent, at costs that reflect the varying means of all sections of society. All parts of the housing industry – government, local authorities, investors and housebuilders must work together to ensure we build the homes Scotland needs.”

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