Do over 65s really live in homes ‘larger than they need’ ?

More than four in ten homeowners aged 65 or over say they live in a home which is ‘larger than they need,’ it has been claimed.

It comes as it has been reported that many homeowners don’t have life insurance.

65s really live in homes ‘larger than they need’

Zoopla, who published the findings, report that this equates to 2.6 million homes in the UK that are being under-utilised and may be better suited to young families and first-time buyers.

Daniel Copley, consumer expert at Zoopla said: ‘We know that three bedroom homes are very popular for families and first-time buyers, but there are simply not enough on the market.

‘We are not here to tell homeowners what to do – many are putting their larger homes to good use or understandably don’t want to let go of the family space.

‘But we can help arm homeowners with the tools they may need to make their next move – and for those that are considering downsizing, it could increase supply of suitable properties for younger buyers so they can find their perfect home.”

According to Zoopla, the average homeowner over 65 has lived in their property for 26 years.

For anyone sitting in their home today, over 65, you might feel a bit put out, literally, by these findings.

Two-generational households 

However, Zoopla’s claims may already be unfolding, as the number of households with more than one generation living together has risen.

The Office for National Statistics estimates suggest that households with three generations living together had risen from 325,000 in 2001 to 419,000 in 2013.

Increasingly the older generation is moving in with their grown-up children, some of whom are retired themselves.

One in four British people will be over the age of 65 by 2050, so with an ageing population, they need to live somewhere.

So sharing the bills, and housework, might make sense, as house prices are still very high, despite the recent cooling in the market.

Single Adults

But what about the younger generation? Well, in the UK, more than 3.5 million childless single adults aged 20-34 still live with their parents, reports the i.

So you might be sitting in your 4 bedroom home, looking forward to a quiet day, when a knock at the door reveals your entire family demanding their old bedrooms back and wanting to know what time dinner is.

Actually, maybe it is time to downsize!

Related: Five reasons why you should have life insurance – Many homeowners don’t