Half of UK adults (50%) would consider downsizing their property if the right help existed, new research by Yorkshire Building Society has indicated.

One in two respondents to a survey by the society said they would be likely to consider downsizing within two years if the Government introduced a scheme offering support with information, moving, costs and logistics. The figure increased to 60% among those over the age of 55 who own their homes.

With the Government believed to be considering a review of property taxation ahead of its autumn Budget, the Yorkshire’s research also found that the idea of downsizing is not limited to older people.

A lack of suitable local homes was cited as the main reason forcing them to stay put – with 45% of potential downsizers suggesting they would do so sooner if appropriate properties were available nearby.

“Downsizing is an often-overlooked element of the housing market but is vital to freeing up homes for those further down the housing chain,” director of mortgages at Yorkshire Building Society, Ben Merritt, said.

“Longer-term homeowners are telling us they have a desire to move to something smaller but it’s not possible due to the cost and the fact there is nowhere suitable for them to go and a lack of support to guide them through the process. That’s a problem the industry needs to collectively resolve.

“The stamp duty changes which came into force on 1 April will make it more, not less, expensive to move, so these latest findings underline our calls for a strategic review of the housing market, overseen by an independent commission.

“While suggestions that the Government is looking at a potential review of this and other property-related taxes, are potentially positive, it will be important to consider the needs of people at all stages of the housing cycle and avoid the potential for unintended consequences.”

The Yorkshire Building Society study, carried out with 3Gem Research, was based on 1,000 UK adults.

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