Since way long ago in Asheron's Call, I've been hearing from Turbine reps that the housing system is kind of a mess to update, either because it's inefficient to work with or updates come with the risk of people losing their house and items.
Makes sense, but why not just start from scratch? Leave people their old, goofy to work with houses, and add a better, separate system in other areas.
I see no inherent lore or technical reasons why an adventurer couldn't own a little house south of Bree and also a modern apartment (programming wise) in Bree. Or a little ice fishing shack in Forochel. Or build an outpost and stable in the Trollshaws to make getting around less terrible. Call the new system advanced housing or homesteading or whatever. I wouldn't mind if all my cosmetic trophies were stuck forever in my old cave home if it meant I could work on a new piece of Middle Earth with updated functionality.