Aviva research reveals why older homeowners are choosing to stay put rather than sell their home

For many, a house is far more than bricks and mortar, it’s a memory bank, a milestone marker and a source of identity.

New research from Aviva reveals that more than three quarters (77%) of homeowners aged 55 and over feel emotionally attached^[1] to their current home. That figure rises to almost nine in ten (84%) among those who’ve lived in the same property for over 25 years. As people begin to consider how to fund their later years, the emotional significance of ‘home’ is emerging as a key factor in retirement decisions.

The findings, based on a survey* of 2,000 UK homeowners aged 55+, highlight the deeply personal role homes play in later life. Nearly half (47%^[2]) say that leaving their home would feel like losing a part of their identity.

Why older homeowners are choosing to stay

From raising families to celebrating milestones, the home is often the backdrop for cherished memories. So, it’s no surprise that 17% would never sell their house – regardless of the offer - and almost half (47%^[3]) say they wouldn’t move even if they won millions in the lottery.

Despite rising financial pressures, emotional ties remain one of the strongest forces shaping retirement decisions. But it’s not just sentiment that keeps people rooted. On average, homeowners have invested £38,000 into home improvements on their current home over the years, with 8% spending over £100,000 - making the idea of leaving behind a space they’ve poured time, money and care into even harder.

The top five reasons over-55s who plan on retiring would want to stay put in their current home include:

• Familiarity and comfort (42%)
• No financial need to move (37%)
• Proximity to friends and family (34%)
• A sense of security and stability (29%)
• Emotional comfort of staying in a place where they’ve built a life (23%)

Cities with the strongest emotional ties to home

The research also reveals where in the UK homeowners feel most emotionally rooted. Edinburgh tops the list, with 85% of over-55s saying they feel emotionally connected to their home, followed by Norwich (81%), Leeds (81%) and Cardiff (80%).

Helping people stay rooted, financially and emotionally

Although many over-55s are reluctant to move, 82%^[4] who plan on retiring have never considered equity release as a way to access the value tied up in their home – despite it being a potential option to help fund retirement while continuing to live in the place they love.

Kay Westgarth, Head of Retirement Distribution at Aviva, commented: “Many people approaching or in retirement want to feel secure without having to leave the home they’ve built their lives around. This research highlights just how emotionally significant the home can be - not only as a financial asset, but as a place tied to identity, memory, and stability.

“While financial planning is often framed in terms of numbers and targets, it’s clear that emotional factors play a major role in decision-making later in life. For some, the idea of moving feels like letting go of a part of themselves. For others, it’s about staying close to family, community, or the comfort of the familiar.

“That’s why it’s important for people to have access to clear, balanced information about all the options available to them. Whether it’s understanding how to manage rising living costs, exploring how their home might support their financial goals, or simply knowing where to begin, practical guidance can help individuals feel more confident and in control of their future - both financially and emotionally.”

Read more information on equity release.

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Methodology:

_{* The research was conducted by Censuswide, among a sample of 2,000 55+ year-old homeowners. The data was collected between 14.04.2025 - 17.04.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.}

References:

^1. _{‘Extremely emotionally attached’ and ‘Somewhat emotionally attached’ answers combined [↑]}

^2. _{‘Strongly agree’ and ‘Somewhat agree’ responses combined [↑]}

^3. _{‘I wouldn't do anything different’, ‘Stay in my home and make renovations’, and ‘Stay in my home but invest in a new property’ answers combined [↑]}

^4. _{All ‘No’ answers combined [↑]}

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