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People hate downsizing out of their huge houses, research shows

Even if they don't need the space, many owners of large homes are reluctant vendors, says My Home Move.

The Negotiator

Large family home imageLarge family homes are very hard to leave – 43 per cent of UK homeowners experienced a sense of ‘sadness, grief or loss’ after moving house; while 83 per cent feel emotionally attached to their homes.

New research from My Home Move found that 62 per cent of homeowners feel an immediate sense of ‘dread or nervousness’ at the thought of selling their home; a combination most acutely experienced by those aged 45+ (av.65.5 per cent).

In comparison those aged 18 – 34 were the most ‘excited or happy’ at the thought of selling.

Doug Crawford, CEO of My Home Move said, “There has been talk across the market, regarding the lack of stock and the need for people to downsize to free up family-sized homes. What hasn’t been discussed is the emotional attachment people have to their homes.

“These buildings represent much more than bricks and mortar, they are the places where memories are made and hold enormous emotional value.

A significant percentage of homeowners, especially regarding ‘downsizers’ have a sense of dread – and would rather stay put than face emotional upheaval.”

Homeowners in Scotland and the South East are the most reluctant to sell their property, with both areas showing above national average percentages regarding ‘nervousness or dread’ (69.3 and 63.5 per cent).

In comparison, homeowners in Wales are the most excited to sell their homes, within 23 per cent expressing this sentiment, closely followed by those in London, the North West, Northern Ireland and the East Midlands, which all rated over 20 per cent.

August 16, 2017

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