Over the past few years, people at retirement age have found it increasingly difficult to access the funds needed to ensure they have enough money to see them through the rest of their retirement; this can be partly due to lack of returns on savings or inadequate retirement funds. So it makes sense that home owners with large houses, who have children that have fled the nest are considering drawing on their largest asset - their property. However according to new research many older homeowners are being unrealistic about how much money they will raise by selling their property, and are finding that they still don't have enough money to live on even after the sale of their larger homes.
The research by Key Partners say that 66% estate agents nationally have seen a rise in enquiries from people considering downsizing over the past year, with 60% saying that they are looking at either boosting their retirements or paying off their mortgages. However some homeowners have unrealistic expectations of how much they can achieve, mainly due to rising prices and lack of supply of smaller homes and bungalows across the UK.
Their research also showed that 57% of estate agents said that people are unable to downsize due to lack of suitable properties being available, and 63% said that there were are enough available bungalows for people to move in to. 48% of people would consider downsizing because they want a home which is easier to manage and 21% would like a home which is cheaper to run.
If you are considering your options and are looking at downsizing then why not contact our team on: 01279 655248, or take a look at our downsizing guide @ https://www.intercounty.co.uk/buy-houses-flats-for-sale-essex-herts/buyers-guides/downsizing-your-property.