1. Decrease Outgoings
Of the property owners surveyed, 43% are downsizing to reduce their outlay on bills and outgoings.
Over a third of property owners are moving to support their retirement plans – however the average age of those who are downsizing is much lower than you may think. The average age of those aiming to downsize is just 40 years old, with 25% of downsizers aged 26 – 35 years.
Almost a third of participants are downsizing to release equity – so they can invest in something other than a property. 10% want to invest in a pension and 20% intend to give money to relatives.
29% of survey participants are downsizing earlier than expected. The potential amount that can be raised by downsizing from a detached property to a bungalow has risen by 12%t (£10,221) over the past decade.
The Independent reports that: “Downsizers in the capital stand to make the most in monetary terms, with a downsizer in Greater London typically standing to make an average of almost £272,000 from trading down from a detached home to a bungalow.”
Would you like to downsize your property?
The friendly property experts at JTM Homes in Archway, north London are on hand to help you find a buyer for your property, as well as the right home for you to downsize to. Contact us for a no-obligation chat.