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.<\/p>\n
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.<\/p>\n
Maria Harris, chair of OPDA, said: \u201cThere is a clear desire among older homeowners to move, but the current system feels too slow and expensive to make it a viable option.<\/p>\n
\u201cIn addition to the government\u2019s ambition to build, we need to get smarter about using what we\u2019ve got and that starts by removing barriers to moving.\u201d<\/p>\n
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.<\/p>\n
Digital Property Packs could provide an instantly accessible gateway to essential property details.<\/p>\n
These enable buyers and sellers to access, verify and share critical information upfront, streamlining transactions and reducing fall-through rates.<\/p>\n<\/p>\n
Four fifths (77%) of those aged 65 \u2013 74 think they sound like a good idea and when asked if they\u2019d be happy to use one, 70% said yes.<\/p>\n
Harris added: \u201cThere is an assumption that older people are resistant to change or digital solutions but our research clearly shows that isn\u2019t the case. \u00a0Digitisation isn\u2019t just for the younger market; many established homeowners are actively seeking it.<\/p>\n
\u201cDigitising property data and improving the moving experience isn\u2019t just good for buyers and sellers; it\u2019s good for the whole system. If we make moving easier, we\u2019ll help unlock the right homes for the right people at the right time.\u201d<\/p>\n
The Open Property Data Association (OPDA) is urging policymakers, regulators, and the property industry to help streamline the process of buying and selling property.<\/p>\n
Phil Spencer, property expert and founder of property advice website Move iQ, said: \u201cI\u2019ve seen time and again that many older homeowners would happily move if the process wasn\u2019t so daunting.<\/p>\n
\u201cWe need to make it easier, quicker and less stressful, especially for those who\u2019ve lived in the same home for decades.<\/p>\n
\u201cDigital 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":553,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n