‘Empty Nesters’ reluctant to move home – Bank of Scotland

Many parents are making the most of this new chapter in life, with almost two-thirds (60 per cent) admitting that they are enjoying the newly found space and taking joy in rediscovering their independence.

Half (49 per cent) of Scotland’s Empty Nesters said that they are now better off financially and over one in three (36 per cent) say that they are able to spend more quality time with their grandchildren. Being financially better off has also meant that Empty Nesters have been able to travel more (31 per cent) with almost one in ten (8 per cent) saying that they’ve now had the chance to pursue a lifelong dream.

Although most are enjoying the extra space and freedom, a quarter say that they don’t enjoy being an Empty Nester with 16 per cent saying that it’s difficult to live in the property now that it feels empty.

Despite living in an ‘over-sized’ house two-fifths (43 per cent) say that they will not consider moving to a smaller property as they have built strong ties with the community that they live in.

Over a third (38 per cent) say that they are ‘financially comfortable’ so have no pressing reason to downsize and one in three (34 per cent) say that moving would be too much of a hassle.

Looking after grandchildren is also a major reason for Empty Nesters not wanting to move as over one in four (25 per cent) say they need the extra space to look after them. Scottish parents are also more reluctant to leave a home full of memories (24 per cent) compared to the rest of the UK (20 per cent).

Empty Nesters typically have two spare bedrooms as a result of their children moving out. These are usually kept as spare bedrooms (63 per cent) or home offices (30 per cent) but there is also some desire to use the extra space for recreational use, with a hobby room being most popular (13 per cent). Surprisingly, almost a fifth (18 per cent) said that their kid’s bedrooms remain unchanged since they’ve moved out. Over half (53 per cent) have also made improvements to their home since their children left; mainly to kitchens and bathrooms.

Graham Blair, Bank of Scotland mortgage director, said: “It’s great to see so many of our Empty Nesters embracing this change, and making the most of their new found freedom. This shows a generational shift, as this was often perceived to be an upsetting time for parents.

“It is also encouraging to see a significant number of homeowners looking to downsize and invest for their future; movement at this end of the ladder is crucial to keep the housing market healthy.”

The report also found that for those wanting to downsize (45 per cent), one of the main drivers was to reduce bills with almost half (48 per cent) saying that they want to downsize to reduce their monthly outgoings and 16 per cent say that they can no longer afford to live in a bigger home.

Typically, downsizers said that they are looking to move to a more manageable flat (36 per cent) or a bungalow (28 per cent). The majority (70 per cent) also expect to make money from downsizing and plan to invest the additional capital. When downsizing from a detached three bedroom home to a flat or bungalow, downsizers could receive £67,211 on average.

Downsizers plan to ensure that they look after their own future in the first instance with any windfall they receive after moving. Three quarters (76 per cent) plan to invest in financial products or another property, and a quarter would invest in their pension.