THE PROP­ERTY EX­PERT

Harefield Gazette - - UXBRIDGE PROPERTY -

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.

PAUL

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