The long process of selling and buying property is putting off a number of older homeowners from downsizing, a report by the Open Property Data Association has found.
A poll shows that more than half (55%) of 65-74 year olds cite long transaction times as the biggest barrier to moving. This rises to 68% for those over 75.
Maria Harris, chair of OPDA, said: “There is a clear desire among older homeowners to move, but the current system feels too slow and expensive to make it a viable option.
“In addition to the government’s ambition to build, we need to get smarter about using what we’ve got and that starts by removing barriers to moving.”
With over-65s living in some of the most under-occupied homes in the country, encouraging and supporting this group to move to smaller properties could free up thousands of family homes.
Digital Property Packs could provide an instantly accessible gateway to essential property details.
These enable buyers and sellers to access, verify and share critical information upfront, streamlining transactions and reducing fall-through rates.
Four fifths (77%) of those aged 65 – 74 think they sound like a good idea and when asked if they’d be happy to use one, 70% said yes.
Harris added: “There is an assumption that older people are resistant to change or digital solutions but our research clearly shows that isn’t the case. Digitisation isn’t just for the younger market; many established homeowners are actively seeking it.
“Digitising property data and improving the moving experience isn’t just good for buyers and sellers; it’s good for the whole system. If we make moving easier, we’ll help unlock the right homes for the right people at the right time.”
The Open Property Data Association (OPDA) is urging policymakers, regulators, and the property industry to help streamline the process of buying and selling property.
Phil Spencer, property expert and founder of property advice website Move iQ, said: “I’ve seen time and again that many older homeowners would happily move if the process wasn’t so daunting.
“We need to make it easier, quicker and less stressful, especially for those who’ve lived in the same home for decades.
“Digital tools like property packs could make all the difference in giving people the confidence to make that move, which in turn frees up homes for the next generation.”