"For some, the idea of moving feels like letting go of a part of themselves. For others, it’s about staying close to family, community, or the comfort of the familiar."
- Kay Westgarth - Aviva
New research from Aviva’s Rooted in Retirement Report shows that many older homeowners are choosing to remain in their current homes rather than sell. The study highlights the emotional and practical reasons behind this trend.
More than three-quarters (77%) of homeowners aged 55 and over say they feel emotionally attached to their home. Among those who have lived in the same property for over 25 years, this rises to 84%. The findings, based on a survey of 2,000 UK homeowners aged 55+, reveal that the significance of ‘home’ plays a major role in retirement decisions.
Nearly half (47%) of respondents said that leaving their home would feel like losing part of their identity. For some, the attachment runs even deeper: 17% said they would never sell their house, regardless of the offer, and almost half (47%) would not move even if they won millions in the lottery.
Financial investments add another layer to the reluctance to move. On average, homeowners have spent £38,000 on improvements to their current property, with 8% investing over £100,000. This makes leaving behind a home they have cared for and upgraded even more difficult.
The top five reasons over-55s plan to stay in their current home include:
Familiarity and comfort (42%)
No financial need to move (37%)
Proximity to friends and family (34%)
A sense of security and stability (29%)
Emotional comfort from staying in a place where they have built a life (23%)
The research also highlights areas where older homeowners feel most emotionally connected to their homes. Edinburgh leads the list, with 85% of over-55s reporting a strong attachment, followed by Norwich (81%), Leeds (81%), and Cardiff (80%).
Despite the strong emotional ties, many over-55s may not be fully aware of financial options that allow them to remain in their homes. The survey found that 82% of those planning to retire had never considered equity release as a way to access the value in their property.
Kay Westgarth, head of retirement distribution at Aviva, said, “Many people approaching or in retirement want to feel secure without having to leave the home they’ve built their lives around. This research highlights just how emotionally significant the home can be, not only as a financial asset, but as a place tied to identity, memory, and stability."
“While financial planning is often framed in terms of numbers and targets, it’s clear that emotional factors play a major role in decision-making later in life. For some, the idea of moving feels like letting go of a part of themselves. For others, it’s about staying close to family, community, or the comfort of the familiar."
“That’s why it’s important for people to have access to clear, balanced information about all the options available to them. Whether it’s understanding how to manage rising living costs, exploring how their home might support their financial goals, or simply knowing where to begin, practical guidance can help individuals feel more confident and in control of their future—both financially and emotionally.”
