In its policy paper for the residential sector, RICS said that by addressing the lack of available homes for the older owner-occupier market, larger and under-occupied properties could be released back onto the market to create more opportunities for those lower down the property ladder.
RICS said that considering the difficulty, both physical and emotional, of moving possessions at an older age, stamp duty discount or moving fund should be provided to older home movers, similar to an initiative that has already been rolled out by Bristol City Council.
The professional body called on local and central government to work with the industry and financial advisers to create and develop suitable housing solutions for older people. It added that communication of housing options for older people were failing, noting a disconnect between financial advisers and housing advisers that meant those providing advice on one topic were not aware of options in the other.
Jeremy Blackburn, head of policy at RICS, said: “Britain’s older home-owners are understandably reluctant to move out of much-loved, but often under-occupied family homes. Clearly, it’s an emotive issue and one that needs to be treated with sensitivity, but we would like to see central and local government provide older people with the information, practical and financial support they need to downsize if that is their choice.
“Almost a third of over-55s have considered downsizing in the last five years; yet we know that only 7% actually did. Greater support for those looking to move could release 2.6 million family homes.”
