Britain could be facing a downsizing boom, with almost half its pensioners across the country considering moving to a smaller home – providing a much-needed boost to the UK's chronic housing shortage.
Figures from McCarthy & Stone’s annual Retirement Confidence Index (RCI), which surveyed 3,000 UK adults aged 65 and over, reveal that 38pc of the age group would consider downsizing now, with an additional 10pc encouraged to move with a stamp duty exemption, equalling 48pc in total, representative of 5.7 million British pensioners.
And this number is only set to increase as the UK’s population ages rapidly. Based on population projections for the age group, figures for elderly movers is set to almost double to 11.1 million by 2036, McCarthy & Stone said.
Even without a stamp duty exemption, millions of pensioners say they would consider moving house, freeing up property for first-time buyers and second-steppers.
According to the retirement housebuilder's calculations, downsizers moving now would help unlock 2.8 million bedrooms across the UK.
The UK’s housing stock is woefully unprepared for the demographic shift to an ageing population
Clive Fenton, CEO of McCarthy & Stone
While an increase in downsizers would provide a boost to the UK's housing supply, it would also expose the country's grossly inadequate level of suitable housing for older people, warned McCarthy & Stone's chief executive officer Clive Fenton.
"With more than 11 million people considering moving to a more suitable property by 2036, the Government needs to put specialist retirement housing and other forms of accommodation for older people higher up the agenda or we will simply lack the necessary infrastructure and support services, particularly from a health and social care perspective, to deal with such a huge demographic shift," he said.
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There are currently around 141,000 units of owner-occupied retirement housing built in the UK to date, highlighting the need for greater supply.
Mr Fenton added: “Despite the warning signs, the UK’s housing stock is woefully unprepared for the demographic shift to an ageing population, which has created a new ‘Generation Stuck’ dilemma. While desiring to move, those in later life are discouraged by the lack of suitable housing and the cost."
Dr Rachael Docking of the Centre for Ageing Better said that while moving home might be an option for some, it is not a viable option for all.
"We need to shift the focus away from property size, and focus on suitability. Currently, only 7pc of homes in the UK have the basic accessibility features. We need appropriate and diverse housing options for people to move to, within the area they want to live and across all tenures,” she said.