Buyers over 55 are an increasingly visible and active segment of the UK’s new-build housing market.
A recent report examined why the over-55’s relocate and what type of homes they purchase.
The research on these over 55s new homes, which spanned the 2010-2016 period, is based on a sample of nearly 1,500 homeowners over the age of 55 who moved to their present home when it was a new build.
For many of these individuals, the key motive was equity release, while 46% of the survey respondents invested more capital in their home when moving, and slightly less than one-third upsized to a bigger home with more bedrooms. Among those choosing to downsize, there was a strong preference for two-bedroom homes.
In general, a large percentage (40%) of households in the study moved either up or down to a four-bedroom home, making this the most common of over-55s new homes. This conclusion challenges the assumption that older property owners typically downsize to smaller properties, and reveals a range of motives for moving. In terms of bedroom numbers, 39% of the report subjects downsized, 28% upsized, and 33% same-sized.