Just under half of ‘Empty Nesters’ across the UK say they are not considering downsizing to a smaller property according to Lloyds Bank report

April 30, 2018

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.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Breaking Property News – 23/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Agents urged to review AML policies following recent HMRC fines Recent substantial fines issued by HMRC are a harsh reminder to agents to ensure that their Anti-Money Laundering (AML) policies are up to date, and they have control testing in place. This is according…
Read More →
Breaking News

Spring activity boost pushes asking prices close to new record

The average asking price of property coming to the market rises by 1.1% (+£4,207) this month to £372,324, just £570 short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months: A key factor behind this growth towards a near-record average price is…
Read More →
Breaking News

Weekly News Roundup – 19/04/24

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X Table of Contents Ascendix deep dives into the world of the AVM CEO Adam Pigott on tour in Norfolk with tlyfe App VTS Activate Multifamily launches   Ascendix deep dives into the world of the AVM This month Yana Yarotska from Ascendix…
Read More →
Breaking News

Breaking Property News – 18/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Scotland to get to Net Zero by 2045 in stunning U-turn Because of its serious implications here in full is the Scottish ‘apology or explanation’ why it thinks it is OK to let the planet burn for the next two decades. Net Zero and…
Read More →
Breaking News

Breaking Property News – 17/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   CEO Adam Pigott on tour in Norfolk with tlyfe App Full disclosure CEO Adam Pigott and his team are one of my earliest clients, so it is always a pleasure to hear what they have been getting up to. And this week they were…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker

Headlines The average 5-year fixed mortgage rate is now 4.84%, up from 4.45% a year ago The average 2-year fixed mortgage rate is now 5.23%, up from 4.77% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.77%, up from 4.46% a year ago The average 60% LTV 5-year fixed mortgage…
Read More →