A majority (55 per cent) of homeowners over the age of 55 have stated that they cannot see themselves moving in their lifetime, according to a survey conducted by SunLife.
The firm’s Home Sentiment Report surveyed homeowners in their 50s, 60s, 70s and 80s, and found that, on average, respondents had been living in the same home for 20 years, with half of them claiming they had lived there for more than 20.
The survey revealed that over two-thirds (70 per cent) have been very happy in their homes during that time, with the average rating of happiness on a scale of 1 to 10 being 8.1, and a quarter of respondents rating their happiness with their home a 10.
Furthermore, despite a fifth of over 55s being worse off than they thought they would be, two-thirds of them do not want to downsize.
Commenting on the findings, SunLife equity release service director Simon Stanney said: “Despite the fact that the over 55s are a property rich, cash poor generation, who could free up a lot of cash by downsizing, our research reveals that most cannot bear the thought of giving up their homes and with it, all the memories they had.
“On average, people over 55 have seen their homes increase in value by around £135k, so for people over 55 who own their own home and are looking for a cash lump sum, unlocking some of the value in their homes via equity release rather than by moving, could offer the solution.”
One in five over 55s say they are worse off than they expected to be at this stage in life, and while downsizing could offer a way to free up cash to ease the financial strain, 62 per cent still say they would not want to downsize. For one in five, the main reason for not wanting to move was that their home held "too many memories".
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