If you have found yourself rattling around your home because your children have fled the nest, you’re not alone - one in five people want to downsize1 the lack of smaller homes and high moving costs are putting people off.
Homeownership is concentrated around people who are 65 years and over - 11.4 million people in this age group own their own home and by 2033 this figure is expected to rise to 17.2 million, increased life expectancy has been cited as the main reason. 2
The two main reasons why people choose to downsize is because they want to release equity from their properties and move into somewhere smaller which is easier to maintain and cheaper to run.
Jeremy Blackburn, head of policy at RICS said: “Britain’s older homeowners are understandably reluctant to move out of much-loved, but often under-occupied family homes.
“Clearly, it’s an emotive issue and one that needs to be treated with sensitivity, but we would like to see central and local government provide older people with the information, practical and financial support they need to downsize if that is their choice.”
People considering downsizing need to make sure they buy somewhere larger enough for their needs, including enough space to have the Grandchildren stay over or a big enough dining area for the whole family to celebrate special occasions. People who have downsized often say that moving into a smaller space does take some adjusting to.
If you are looking to downsize then you might want to consider moving to this two bedroom luxury flat in the heart of West Wimbledon, currently on the market for £800,000.
- Two Bedrooms
- Luxury Appointed
- Two En Suites
- Off Street Parking For 2 Cars
- Quiet Location
- EPC EER D
For more information or to arrange a viewing please call Goodfellows Raynes Park on 020 8946 6511 or follow this link.
•1 The Guardian: https://www.theguardian.com/money/2015/sep/23/downsizing-could-free-up-25m-homes