During 2020 an increasing number of homeowners decided it was time to downsize.
According to research carried out by Audley Villages almost two million over 55s were thinking seriously about moving to a more suitable home. Of that number a quarter of aim to downsize within the next 12 months while more than half plan to make the move within the next two years.
However, downsizing is not just the preserve of the older segments of the population. The upturn has been across the board and the reasons for downsizing are as varied as the different demographics who have made the move.
It could be that with no children at home the house feels too big or no longer practical or affordable to run. Or perhaps being close to schools and other amenities is no longer needed so cheaper locations can be considered.
For more mature couples, the driving factor has been to release the equity they have built up in their property. This can then be reinvested in a smaller property while the remainder is used to fund the lifestyle they now want.
The current situation we have all found ourselves in has also played a huge part in persuading people to move.
With so much uncertainty around employment and personal income, many families are trying to be more careful with their money. They are looking to reduce their monthly outgoings and one way to do that is to cut their bills, council tax and mortgage payments.
Similarly, with the housing market being so buoyant, property prices are rising fast. As a result, the temptation to cash in on a tempting market value while the market is at its peak has simply proved too good an opportunity to resist.
Whatever the reason, one can’t underestimate the impact of the COVID pandemic.
The restrictions have given us all time and impetus to think about what is really important to us. The statistics would certainly suggest that if we can achieve what we want by selling up and buying a new home that better suits our needs, then this is an action more of us are willing to take.
If you are planning to downsize (or buy a new home of any kind), we are here to make sure your next move is as easy possible. If you’d like to discuss an upcoming sale or purchase, please email me at [email protected] or call me on 0208 515 6600.