Why are many of the older generation not moving home at the moment?
Since the pandemic, the tendency of the elderly generation to move home has significantly reduced. What are the reasons for this and what are the knock on effects for the housing market in general?
The pandemic has made many people re-evaluate their lifestyle and in many cases, encouraged families to relocate, but it is thought that fewer elderly homeowners are planning to downsize from their large family homes as the pandemic has actually made them realise the value of their local community and space. Additionally, the support networks of their existing community, has emphasised the significance and importance of having friends close by.
However, perhaps most significantly, it is the understandable concern over the health risks of Covid 19 to the older generation, that is still creating a hesitancy to go out and view properties at this time.
So, why could this be an issue for everyone else?
Well, because elderly homeowners are not moving from their large 3 and 4 bed homes to smaller bungalows or apartments, this is creating a blockage on the housing ladder. Ruislip families, in their 30’s and 40’s, are desperate for larger 3 and 4 bed homes for their ever-expanding families, but if the elderly sellers of those family properties aren’t moving, this creates the knock on effect of a lack of supply in general.
There is currently a huge demand for property at this time so if you are thinking of selling your home, please contact us for some honest and helpful advice. For members of the older community who may be nervous about moving, we have a close relationship with a company that specialises in assisting with all aspects of the moving process, from de-cluttering to arranging removals and utility transfer etc, so please do let us know if we can put you in touch.