Downsizing just not on the agenda for most older owners, warns bank

Some 45 per cent of so-called Empty Nesters - older owners whose children have left home permanently - say they are not even considering downsizing to a smaller property, according to research from Lloyds Bank.

Around 63 per cent admit they are enjoying the new-found space and rediscovering their independence. Over two-fifths say they are now better off financially and around one in three say they are able to spend more time with their grandchildren, and spend more time travelling. 

A quarter say they don’t enjoy being an Empty Nester with 14 per cent saying that it’s difficult to live in the property now that it feels empty.

Despite living in an ‘over-sized’ house two-fifths say they will not consider moving to a smaller property as they have built strong ties with the community that they live in. 

Nearly a third say that they are ‘financially comfortable’ so have no pressing reason to downsize and almost one in three say moving would be too much of a hassle.

Empty Nesters typically have two spare bedrooms as a result of their children moving out. Only two per cent let out their spare bedrooms on sites such as Airbnb.

The report also found that for those wanting to downsize - 45 per cent - one of the main drivers was to reduce bills, with two fifths saying that they want to downsize to reduce their monthly outgoings and 10 per cent say that they can no longer afford to live in a bigger home.

Typically, downsizers said that they are looking to move to a more manageable flat (30 per cent) or a bungalow (27 per cent).

The majority of downsizers (73 per cent) expect to make money from moving to a smaller property and plan to invest the additional capital. 

When downsizing from a detached three bedroom home to a flat or bungalow, downsizers receive £109,659 on average, says the bank.