The Challenge of Downsizing for Older Homeowners
Home ownership in the UK is becoming increasingly unattainable for younger generations, with a severe shortage of housing available. In contrast, older individuals are more likely to own their homes and have benefited from years of rising property values. This disparity has led to calls for older homeowners to downsize, aiming to alleviate the housing crisis. However, as 85-year-old Margaret Crossland from Penistone, South Yorkshire, explains, the process is far from straightforward.
A Long-Term Commitment to a Family Home
Margaret has lived in her four-bedroom house on an estate built in the early 1970s for 42 years. The area consists of a mix of housing types, including bungalows. She decided to downsize after realizing that she was living alone in a home that once hosted her children, grandchildren, and even great-grandchildren. While the house is paid off, it has become a burden due to rising costs and maintenance issues.
She moved to this home 20 years ago after a divorce, drawn by its semi-rural setting and excellent schools. The property is a link-detached house with two double and two single bedrooms, along with a spacious garden. Despite the emotional attachment, she felt it was time to let go and allow another family to enjoy it.
The Struggles of Selling a Large Property
Margaret’s attempts to downsize over the past four years have been fraught with challenges. Her first failed sale involved a bungalow that required extensive renovations, which her children advised against. She then found a bungalow in the same area, which seemed like the ideal solution. However, after accepting an offer from a couple with three sons, they pulled out at the last minute, leaving her in a difficult position.
She sold her furniture, believing the move was inevitable. Later, another couple showed interest, conducting surveys and preparing documentation. Margaret even found a new bungalow in a neighboring village, but again, the deal fell through. These repeated disappointments have taken a toll on her financially and emotionally, with solicitors’ fees and administrative costs adding up.
A Lack of Suitable Housing Options
The difficulties extend beyond individual experiences. Margaret highlights the lack of appropriate housing options for downsizers. In her local area, new developments consist primarily of large family homes, with no starter or downsizing properties available. Additionally, many smaller homes are being converted into Airbnb rentals or bought as second homes, exacerbating the shortage of affordable housing.
She recalls how a nearby farm was recently sold and redeveloped into expensive houses, further highlighting the imbalance in the housing market. While she managed to find suitable dwellings, she is now unwilling to go through the stressful process of selling and buying again.
Accepting the Situation and Looking Ahead
Despite the setbacks, Margaret has come to terms with staying in her current home. She acknowledges the financial strain of maintaining a large property alone but feels she can manage it. Her neighbors are pleased she remains, as they have known her for years.
She still leads an active life, managing the stairs and planning to install a stair lift if needed. She continues to drive and maintains a positive outlook. While she wishes the downsizing process had worked out, she recognizes the challenges faced by young couples trying to enter the housing market.
A Call for Better Housing Solutions
Margaret emphasizes that not all older homeowners are “selfish.” Many, like her, genuinely want to help ease the housing crisis. However, the current system lacks the variety of housing options needed to support such efforts. She believes that mixed developments with a range of home types would be more beneficial for both social and economic reasons.
Her story reflects the broader struggles of older homeowners in a housing market that often fails to meet their needs, as well as those of younger generations. It underscores the need for more thoughtful and inclusive housing policies that address these complex challenges.