A delay in downsizing by over-55s is exacerbating the lack of supply in the housing market.
Fewer than one in four households headed by an over-55 plan to downsize in the near future, according to a report from Legal & General Financial Advice – a smaller proportion than in the last such survey three years ago.
However, those that do could free up roughly 2.9m family-sized homes.
“Covid-19 has clearly changed the mindset of many older homeowners, and we can see there has been an uplift in those who want to keep hold of their homes,” said L&G Financial Advice CEO Sara McLeish.
