Research from more 2 life has shown the single biggest barrier to retirees downsizing is emotional ties to their family home.
The survey of 205 IFAs shows that 87% of their clients cite this as the most common reason for not moving, with over half (52%) saying they cannot find another suitable property to move into.
Stuart Wilson (pictured), channel marketing director at more 2 life, said: “This new research shows that, understandably, many retired individuals are reluctant to move out of their homes and leave behind the memories and connections they have made there.
“However there are a wide range of products available in the retirement lending market which can help meet customers’ needs.”
Other explanations retired clients gave for not downsizing included moving costs being too high (35%) and the level of stamp duty that would be required to pay being too high (20%).
Only 9% of IFAs said that they would recommend equity release to their clients as an alternative, prompting more 2 life to call for more advisers to raise the topic of equity release as a viable solution for their clients who are unwilling or unable to downsize.
Wilson added: “Advisers have a crucial role to play in raising awareness among their clients, of both the features and benefits of equity release products.
“By highlighting product features that clients may be unware of, they may be able to potentially make equity release a solution to helping retirees find extra funds without having to leave their family homes.”
The lender is using its campaign ‘The Bigger Picture’ to encourage brokers to think more widely about their clients’ needs.