One in eight (12%) over 70s have or are soon looking to downsize as a direct result of the pandemic, according to new research.

That offers the “potential to unlock hundreds of thousands of homes in the property market” as a result of shifting priorities amongst those in later life, say Retirement Villages Group (RVG), who authored the research.

RVG’s ‘Back on Track’ research shows that one in three (33%) older adults looking to downsize are doing so because their current property is too difficult to maintain, with two thirds (65%) recognising that their property is too large at their current life stage, while more than 1 in 5 (22%) are seeking greater financial freedom by unlocking equity from their home.

7% of people aged over 70 reported that the last 16 months have helped them raise the subject of moving out of the family home with their loved ones.

However, many still find it a difficult conversation and put it off, staying in the family home for longer than is suitable.

Retirement Villages Group is encouraging everyone to open up better conversations about life choices in older age and start removing the stigma associated with downsizing.

They’re also calling for Government to introduce a Stamp Duty Land Tax (SDLT) waiver for downsizers.

Will Bax, CEO, Retirement Villages Group, comments: “The pandemic has prompted many of us to rethink where we are in life leading to a huge surge in interest for our retirement communities. Our research reinforces this trend, suggesting that more people are planning for the future, getting on top of their finances and exploring their property options.

“Whilst downsizing remains a difficult conversation for many families, for those that seize the moment it’s a massive step towards to financial freedom that enables people to live life on their terms, to pursue personal goals, and stay active and independent for longer.

“Helping people to make the decision to downsize is also a huge opportunity to rebalance the UK property market. Feeing up the top rung of the property ladder at a time when our ongoing shortage of housing supply continues to create heat in the market, despite the economic impacts of the pandemic.

“This is a win-win and we call on Government to do more to support older people in making the choice to move into a new breed of later life communities across the country; aspirational, connected, thriving places, that play a vital role in their local neighbourhoods.”