Nearly half of over-50s property owners ‘living in their forever home’

PA

Nearly half of homeowners aged 50 and over do not intend to move house again, a survey has found.

Some 48% of homeowners in this age group believe they are living in their “forever home”, according to Nationwide Building Society.

Four-fifths (80%) would be willing to “future proof” their home so they can stay put, the survey of more than 1,600 home owners aged 50-plus found.

Three in 10 (31%) over-75s surveyed said they have already made changes to make sure their home remains suitable for their needs.

Across the survey, more than half (51%) of those planning to make improvements expect to spend £5,000 or more to ensure they can remain in their home.

Some 81% said they would fund this from savings, while 7% plan to release equity and 8% intend to use credit cards.

More than a fifth of homeowners aged 50 and above (21%) believe improvements would increase the value of their home.

Jason Hurwood, Nationwide’s director of home propositions, said: “Most people understandably want to maintain their independence and stay in their own home for as long as possible, rather than moving into residential care, and are willing to make the necessary home improvements to do so.

“However, home improvements, such as stairlifts or walk-in showers, can be expensive.”

He said he would strongly recommend that those considering releasing equity seek advice on all the options before progressing.

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