The pandemic has pushed nearly two million older homeowners to think about downsizing earlier than planned, new figures reveal.
The survey of those aged 55 and over, by retirement homes developer Audley Group, found 34 per cent wanted to be in a better area and 29 per cent wanted to be closer to family and friends.
The developer says the average age of buyer fell last year – from 80 to 76.
Property search: Some 34% of homeowners aged 55 and over want to move to a better area while 29% want to be closer to family and friends
The demand for retirement homes is growing. Some 85 per cent of retirement property providers reported higher sales and lettings in October compared with a year ago, according to trade body the Associated Retirement Community Operators.
More than half said sales and lettings were at least 30 per cent higher than in 2019. And a quarter said they were as much as 50 per cent higher.
On the market, bungalows are in great demand, according to Rightmove.
The number of bungalows sold in 2020 was 7 per cent higher than in 2019. Yet there was a shortage of new listings last year, down 10 per cent on 2019.
This compares to a 3 per cent drop for houses. The average asking price of a bungalow is also up 4 per cent to £317,583.
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