Downsizing, The Latest Trend In The Property Market…

July 23rd 2014
By: Melanie

Over the past year there has been growing trend in the UK for people with children who have flown the nest looking to downsize, and according to Strutt and Parker’s recent home survey this current trend is set to continue.

The main age group wanting to downsize are homeowners who are sixty plus, with 39% of homeowners considering a move to buy a smaller property, and 22% of fifty plus homeowners looking to downsize.

So why are so many people in the baby boom generation are thinking of downsizing? The answer in most cases is that many homeowners are living in a property averaging £750,000 but are finding it difficult to make ends meet – they are equity rich but cash poor.

Property owners who have children who have left home now want to sell as they no longer need so much space and in order to benefit from some of the equity built up in their large property.

Home owners in London and the South of the UK have seen their property value increase at the quickest rate since 2007 so they think that now is a good time to sell.

If you are thinking of downsizing then here are a few things you might need to consider:

• Make a list of expenses so that you can work out what you can really afford to buy.

• If you like where you live and are only moving for financial reasons, then have you considered renting out one of our unused bedrooms?

• Think about where you would like to live, this will include what type of lifestyle you aspire to, whether it is living in a lively community or living in that rural idyll.

• If you are considering moving to another area, it might be an idea to rent first to make sure it’s the right place for you to live, as leaving old friends can be very difficult.

If you are thinking of downsizing and would like some help and advice then why not pop into your local branch of Intercounty for a chat and a coffee, or give our team a call on 0844 8111090