More than 70% of current homebuyers are looking for a larger property
Regency Living has surveyed current UK homebuyers and found that 72% of respondents are looking to buy a property that is larger than their current home.
54% of respondents say that their main motivator for upsizing is children. While 20% are looking to upsize because they’ve got more children on the way, 18% are motivated by the imminent arrival of their first child, and 16% are looking for more space because they plan to have children soon.
Another common motivator is the desire to have more outdoor space (12%).
However, the majority of upsizers are finding the process difficult, with 59% saying they are struggling to find a suitable property. This marks an increase of +7% compared to Q4 2024 when 52% of upsizers were struggling to find a suitable home.
The most common reason for this struggle is an insufficient amount of stock listed on the market (39%), while high house prices (30%), and a lack of available equity in their existing property (14%) are other common obstacles.
He added, "Some of our recent previous research revealed that 93% of over-50s who currently live in family homes have no intention of downsizing to a smaller home, and herein lies a real problem. If older homeowners are choosing not to downsize and instead stay in their large properties, it means the market suffers a drought of upsizer homes,"
"So, in order to increase the opportunity for people to take a second step up the ladder, more older homeowners need to downsize. And downsizing can bring all sorts of valuable benefits.
Tim concluded, "Downsizing enables homeowners to release a good portion of the equity currently tied up in their property, freeing up money that can be spent enjoying a great retirement or helping out younger generations of the family. Downsizing also enables older people who live alone or in a couple to live in a more manageable home.
"Smaller homes are also cheaper to run, which can make a huge difference to household finances when the cost of living is as high as it currently is. And finally, downsizing provides you with the opportunity to make a new home in a community of like-minded people of a similar age, providing the support and security that can be so valuable in later life.”