Just under half of ‘Empty Nesters’ across the UK say they are not considering downsizing to a smaller property according to Lloyds Bank report
Just under half (45%) of Empty Nesters across the UK say they are not considering downsizing to a smaller property despite their children having ‘flown the nest’, according to the latest research from Lloyds Bank.
lloyds Bank reveals that two fifths of parents don’t want to leave their family home because of strong links to their local area and the need to keep the extra space for grandchildren.
The report also found that for those wanting to downsize (45%), one of the main drivers was to reduce bills, with two fifths (40%) saying that they want to downsize to reduce their monthly outgoings and 10% say that they can no longer afford to live in a bigger home.
Andy Mason, Lloyds Bank mortgage products director, said: “Contrary to the belief that this time in a parent’s life is lonely, a lot of Empty Nesters are now enjoying life since their kids have flown the nest by being able to travel more and chase lifelong dreams.
“It is also encouraging to see a significant number of homeowners looking to downsize and release funds for their future; movement at this end of the ladder is important to keep the housing market healthy.”
research report 27th April in full click here.
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