Older people are put off downsizing because of the cost, upheaval and legal processes involved.
A fourth factor that acts as a deterrent is dealing with estate agents, something that worried just over one-fifth.
Saga Legal Services, whose customers are the over-50s, has issued the findings in its latest Britain on the Move Survey, which this year looks at “right sizing”.
It found that the ten most frustrating things about moving home are:
- The cost of moving (33%)
- The act of physically moving from one place to another (31%)
- The legal processes involved in selling or buying a house (31%)
- Dealing with estate agents (22%)
- The high cost of properties (21%)
- Stamp duty (19%)
- Finding buyers for our property (19%)
- Dealing with utility companies to end/start services in your name (15%)
- Gazumping (13%)
- The lack of suitable properties available (13%)
On the emotional side, people are hesitant to move because of the stress of dealing with paperwork, the idea of moving somewhere unfamiliar, and leaving behind memories.
According to the Saga research, 26% who are looking to move want somewhere smaller, and almost half want somewhere more manageable. Almost a quarter (23%) want to free up money.
The biggest concern for those over 70 is leaving behind possessions and furniture (50%), while 36% don’t want to leave their garden.
Comments (1)
I apprenticed into Estate Agency working in ‘Heavens waiting room’ where at least 75% of all sales were to people retiring too the seaside. Many properties were Merry- go- round properties that re-appeared with sad regularity as executor sales, I am surprised that concern about pets hasn’t made an appearance on the list, I have re-homed more cats and dogs than I can recall.
Badger ‘the devil dog’ was probably to most memorable; he preferred to eat Hoovers rather than food and would only sleep under the duvet at the foot of the bed! Tabitha – sack kitten lived with me for 22 years.
My experience is that many people have a pre-conceived ideas about agents promoted by comedians and the press but once we get through the door they learn to both like and respect us.