Read more about downsizing on Audley Stories and on our How It Works pages.
Downsizing has been making the headlines over the last few weeks. I caught an article in the weekend Telegraph a few weeks ago on the increasing number of over 65s choosing to sell up, with research putting the number of homes being sold by those aged 66 and over up 13% on 2023.
Those who have taken the leap, made the decision to move or ‘miniaturise’ as one of the homeowners called it in The Daily Telegraph article, see it as one of the best decisions they have ever made. And it’s something I know many of the property owners living in our villages corroborate.They often tell me they wish they’d made the decision sooner. If I were a betting man, I would put a wager on it being the phrase I’ve heard most in my 30 years running Audley and Mayfield Villages.
But if we are to encourage more people to think about downsizing, and that’s not just thinking just about moving into a retirement village, but all different options, we must increase the choice available on the market. Jessie Hewitson’s latest column in The Times looked at why downsizing isn’t all about the money and I completely agree. While freeing up money is one factor, it’s one of many. Location, community, familiarity, proximity to loved ones, friends, family and the places people like to spend their time are all vital and for many people, more important.
However, the latest figures from Knight Frank reveal that fewer than 10,000 retirement living properties were built in 2023, and at the current rate make up just 3% of new housing market completions. If we are to encourage more people to consider downsizing, and we are indeed at the start of the great British downsize, then supply has to pick up considerably, and do so quickly. Only this will give people the choice they need, in the locations they want. For some that’s within the towns they’ve lived their whole lives, while for others it’s a chance to relocate and explore somewhere new.
With Labour now in power and housing an important policy ground, there must be greater focus on the types of property that need to be built. With a quarter of our population set to be over 65 by 2043, and a third over 85, I firmly believe specialist retirement living properties should be a priority for policymakers and planners alike.
I hope to see and hear more from policymakers on the homes that will make up the 1.5million new homes target in the coming weeks, with commitments to increasing the supply of retirement living properties. Only then can the market be incentivised with stamp duty exemptions, or alike.