According to an article in The Telegraph nearly 50% of UK pensioners are now considering downsizing into a smaller property. In the past retirees tended to hold onto their large homes which as a result has reduced available housing stock for younger families.
These figures come from McCarhty & Stone’s annual Retirement Confidence Index (RSI). Which showed that 38% of the 3,000 people they interviewed aged 65 and over would consider downsizing, with an additional 10% looking to move because of increased stamp duty exemption, which they state equates to around 5.7 million British pensioners.
They project that these figures will increase over the next few years too, as our population ages, predicting that by 2036 nearly 11.1 million elderly people will want to downsize.
This change seems to stem from changes announced in the autumn statement last year when Chancellor Phillip Hammond disclosed the scrapping of stamp duty for pensioners who move into smaller homes, in a bid he said, to free up 110,000 family homes as well as giving people more money to live on throughout their retirement.
However, according to this latest report retirees state that they would consider moving to free up properties for first time buyer and second steppers. Other reasons why people are looking at downsizing include their current property being too large, too expensive to run, wanting to free up capital and give money to their children for either buying or renting a property.
If you are thinking about downsizing then you will have much to consider to make sure you make the right move – check out this article – The Advantages of downsizing, packed full of advice and tips.
Or check out these properties which could make the ideal downsizing homes: