Lack of homes is stopping older Londoners downsizing, according to YouGov and McCarthy & Stone poll
More than one in four older Londoners feel there is a lack of homes to downsize to despite more than a third considering a move, a new study released yesterday has found.
The poll, which was conducted by YouGov on behalf of retirement housebuilder McCarthy & Stone, showed that 32 per cent of adults aged over 55, are thinking of downsizing or planning to consider it in the future.
However, a shortage of suitable homes to move into is posing a challenge, according to 43 per cent of those older Londoners surveyed.
Read more: Surveyors say older homeowners are key to tackling homes shortage
McCarthy & Stone commissioned the poll to support its manifesto ahead of London mayoral election in May and urging the next mayor to boost the supply of retirement housing in the capital.
According to the Greater London Authority’s 2015 London Plan, 3,600 to 4,200 new units are needed to cater for London’s growing retired population, with the number of over 65s expected to rise from 980,000 to 1.2m over the next 10 years.
McCarthy & Stone chief executive, Clive Fenton, said: “Supporting first time buyers and Generation Rent is commendable, but there’s a bigger prize on offer by helping older people downsize – these figures show that those in later life are effectively Generation Stuck."
"Housing and planning policy should not just be about Starter Homes and first time buyers – millions of older people want to downsize to more suitable housing but there is currently little incentive or choice for them to move. Helping those who do want to downsize could also set off a property chain reaction that eventually helps millions of younger people to join the housing ladder through the family-sized homes that are vacated.”