Research from the Open Property Data Association (OPDA) suggested that older homeowners wanted to move but found the process stressful. This was more true for those aged 75 and over, with 68% saying the long transaction times were a hindrance.
OPDA’s research found that 64% of people aged between 65 and 74 who had bought a home in the last five years had downsized, as had 47% of people aged 75 and over.
Maria Harris, chair of OPDA, said: “There is a clear desire among older homeowners to move, but the current system feels too slow and expensive to make it a viable option.
“In addition to the government’s ambition to build, we need to get smarter about using what we’ve got and that starts by removing barriers to moving.”
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Improving the transaction process
The association said although stamp duty was often cited as a deterrent for older homeowners to move, improving the experience of moving home could help.
When asked about digital property packs, 77% of respondents aged 65-74 said they would be a good idea and 70% said they would use them.
Some 70% of people aged 75 and older said digital property packs were a good idea, and two-thirds would use them.
OPDA said digital property packs were a secure, instantly accessible gateway to property details and allowed buyers and sellers to share and verify information upfront, which could streamline transactions and reduce fall-through rates.
Harris added: “There is an assumption that older people are resistant to change or digital solutions, but our research clearly shows that isn’t the case. Digitisation isn’t just for the younger market; many established homeowners are actively seeking it.
“Digitising property data and improving the moving experience isn’t just good for buyers and sellers; it’s good for the whole system. If we make moving easier, we’ll help unlock the right homes for the right people at the right time.”
