Mature Home Mover Market Shows Signs Of Future Growth In 2024

New data insight from My Home Move Conveyancing, has shown that while the number of older homeowners opting to make their move has declined in 2024, there are signs the market is poised for growth as economic conditions improve.

The data from the company highlights that the proportion of mature sellers - typically older homeowners or mature single homeowners looking to downsize - using their platform has seen some reduction in activity across England and Wales over the last few years.

In 2022, the company recorded 2,458 mature home moves, with an average of 205 moves per month. This number decreased by 8% to 2,251 in 2023, or 188 moves per month, and the trend has continued into 2024, with an average of 177 mature home movers per month so far this year – a 6% decrease compared to 2023.

However, some regions are showing promising signs of mature home mover activity more than others in 2024.

London is the region home to the highest level of mature market activity at 18.7% of the total for England and Wales.

The South East also ranks high, accounting for 17.9% of total mature market activity, whilst the South West (11.9%), East of England (11.7%) and East Midlands (10.7%) also account for double-digit levels of mature market activity, demonstrating that interest remains robust in key areas.

While Wales accounted for just 2.2% of all mature home moves seen, there is optimism that this market segment will strengthen in the coming months.

Further data suggests that a greater reliance on borrowing could also cause an increase in mature home mover market activity in the foreseeable future, as they look to release equity in order to reduce mortgage debt.

When analysing data on the market segment prior to mature movers - middle mover - those likely to be making their last move before downsizing, the figures show that 53.4% are doing so with the aid of a mortgage.

This figure is up from 50.7% versus 2023, despite interest rates remaining considerably higher than recent years so far in 2024.

Director of My Home Move Conveyancing, Alistair Singer, commented:
“While some mature homeowners have been cautious due to the economic headwinds and higher mortgage rates seen in recent years, the positive news is that we’re beginning to see renewed optimism. The first interest rate cut in four years is already enticing more buyers, with mortgage approvals and house prices showing consistent positive growth in recent months.

"This growing market sentiment should reassure the nation’s mature home movers that now may be an ideal time to downsize, release equity in their existing home, and enjoy their retirement in style.

"At the same time, we’ve seen an increasing reliance on mortgages to fund the moves made in the preceding market segment and so we can expect this to help drive mature mover market activity in the coming years, as these buyers reach the stage in the property life cycle at which they choose to downsize in order to release equity.

"With these positive developments, the outlook for the mature home mover market remains promising. As economic conditions continue to stabilise and confidence returns, we anticipate seeing more mature homeowners ready to take the next step in their journey.”

Data Tables and Sources
Data sourced from My Home Move Conveyancing
You can view the full data tables and sources online here.