Research highlights emotional costs of moving to a smaller house for people aged over 55
Research highlights emotional costs of moving to a smaller house for people aged over 55
Norwich Union research has shown that home is where the heart is for many people aged over 55.
The survey of homeowners over the age of 55 was commissioned by Norwich Union Equity Release Ltd. It found that 63% of people aged over 55 have lived in their homes for more than 20 years, and 30% would avoid leaving their home at all costs. Most of the people surveyed (70%) said they had a strong emotional attachment to their home.
The emotional costs of moving home make downgrading to a smaller house a difficult choice for many older people. Nearly two thirds (65%) of people said they would find moving home a very stressful experience.
Research findings also showed:
- 59% of people would miss their neighbours and neighbourhood if they had to move to a different property
- 57% would miss their garden
- 41% would find it hard to leave behind the family memories that are associated with their home
Mark Kelly, of Norwich Union Equity Release Ltd, said: “Our homes are not just filled with memories; they are also often our biggest asset. With house prices in the UK at record levels, older people who are living longer and wanting to enjoy a more fulfilling retirement may be looking to their houses as a source of income.
“While downsizing to a smaller property to release capital from a home can be attractive, it is clear from our research that selling up and moving on is not as simple as it sounds. Many older people do not want to have to leave their homes, friends and memories, and do not want to incur the stress involved in moving house.”
Mr Kelly added: “Taking out an equity release plan can help homeowners to realise both the capital locked in their property and the dream of staying in their own home.
“Anyone considering equity release needs to thoroughly understand the options available to them and be confident that they are making the right choice. Good advice plays a vital role in this understanding, but knowing the right questions to ask and having background knowledge can help people feel more confident and in control about these discussions, which is important for such a major decision.”
Norwich Union Equity Release Ltd is offering a free guide ‘Unlock your future’ to anyone who is interested in finding out more about taking out a Lifetime Mortgage. To request a free copy, consumers should call 0800 015 4015 or visit www.norwichunion.co.uk.
Ends
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Notes to Editors
Research conducted by MORI, March 2004. 300 people aged over 55.
Minimum property values apply.
Norwich Union is the market leading lifetime mortgage provider with a market share of 40% (Source: Safe Home Income Plans Q3 2004).
Full written terms and conditions are available on request. Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company's long-term savings business in the UK.
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