THE PROPERTY EXPERT
OF HOME OWNERS ARE GOING TO ‘DIET’! Research conducted by Lloyds recently produced some results that do grab the attention. It revealed that over half of homeowners plan to sell their proper ty over the next three years in order to move to a smaller home; that’s quite a percentage.
The analysis also provided some ver y interesting ‘downsizer statistics:
• The average downsizer age is 56 years old, with the greatest propor tion having lived in their current proper ty between 11 and 20 years, and having moved to their current home at the age of 39.
• Three in four expect to make money when they downsize, and of those, 43% will reinvest this money in a new proper ty, 26% will invest in other financial products and 13% will invest in their pension or give to their family members.
• Moving from a detached family home to a bungalow frees up an average of £103,715, while moving to a semi-detached house raises roughly £121,686.
• 63% said one of the main reasons for downsizing is to find a smaller proper ty that better suits their current circumstances.
• 40% would like to reduce bills and outgoings.
• 28% are intending to release equity from their proper ty.
• 26% are planning to move to a more affordable area.
• 25% are looking to help suppor t their retirement plans.
• 25% are trading down earlier than expected and for a variety of reasons, such as a change in relationship status and proximity to amenities.
Andy Hulme, mor tgages director at Lloyds Bank, commented, “Downsizing is clearly still a major par t of the housing market with over half of potential home movers considering a smaller proper ty. The volume of downsizers is therefore helping to keep the market moving, freeing up larger proper ties for those making their way up the ladder.”
Should you be considering downsizing – or moving, letting or renting – pop in to see us for an informal chat. We understand the marketplace and you can be assured that we will act in your best interests.