Almost two-thirds of home owners over-55s say they will never downsize, research by Sunlife has found.
In a survey of 1,000 homeowners aged 55 and above, the equity release, life insurance and funeral plan provider found that 62 per cent are adamant they will not move to a smaller property to cash in on their home’s value.
The research also found that of those over-55s whose children had flown the nest, 30 per cent said they will never reclaim their children’s bedrooms, even though they have moved out.
Sunlife equity release service director Simon Stanney says: “On average, people over 55 have seen their homes increase in value by around £135,000, so for those looking for a cash lump sum who don’t want to leave the family home, unlocking some of the value in their homes via equity release rather than by moving, could offer a solution.”
He adds: “We know that keeping the home in the family is really important to people, and this research backs that up.
“Most of our respondents have been in their homes for at least two decades, and it is understandable that they want to stay there, because there’s no place like home.”