"Many older buyers are not looking to downsize or even to release equity when purchasing a new-build home. What’s more, they don’t consider themselves as ‘old’"
Its report shows that 46% of over-55s had invested extra money in their latest house move and that 40% of them had chosen a four bedroomed house, despite an average occupancy of just two people.
Of the moves made between 2010 and 2016, 39% downsized to a home with fewer bedrooms, a third moved to a home with the same number and 28% upsized to a home with additional bedrooms.
Rather than downsizing, many older homeowners were still looking for a similar or increased amount of space – often to accommodate visiting relatives or to provide room for hobbies and crafts.
The findings challenge the assumption that an increasing number of older home owners will downsize to smaller properties, freeing up larger houses for younger families.
Over-55s make up half of all homeowners and account for about 330,000 home moves a year. The number of people aged over 55 is projected to rise from nearly 19 million in 2014 to over 26 million in the next 25 years.
New-build homes are particularly appealing to the over-55s, the report finds, as they offer features such as low maintenance, low running costs, manageable gardens and a new home warranty, which are high priorities for this age group. As a result, older buyers are 20% more likely to consider purchasing new-build properties over existing homes than younger buyers.
However, the over-55s often feel that marketing for new-builds is directed at families or young people and the report argues that more should be done to reflect the needs of older home buyers in this sector.
Neil Smith, NHBC Head of Standards, Innovation and Research, said: “They say 50 is the new 30 and as our latest survey shows, a large proportion of older house buyers don’t fit the old-fashioned stereotypes.
“Many older buyers are not looking to downsize or even to release equity when purchasing a new-build home. What’s more, they don’t consider themselves as ‘old’ and feel they are decades away from requiring specialist accommodation.
“New-build homes offer a range of benefits that do appeal to older buyers – with lower running costs, ease of maintenance and a new home warranty, they’re often the logical choice.
“There is strong demand for high quality new homes across the age ranges, and it’s vital that we tune in to the needs of this important group of buyers.”
