A recent survey from Reeds Rains estate agents has found that for 17.5% of people, a top reason for wanting to move house is to downsize and that 45% would like to move within the next six months. (*)
Home downsizing is moving into a smaller, more manageable home and research from Moneywise suggests that homeowners downsizing from a detached property to a semi-detached could free up on average around £121,686. (**)
John Wetherell regional managing director for Reeds Rains says: “Downsizing is a topic we are seeing more people come to our branch to talk to us about. Homeowners want to downsize for a variety of reasons. It can reduce their out goings or provide a solution if their circumstances have changed where a smaller property is better suited for them.
There are many people who want to downsize and they are important as they help keep the market moving. When people downsize, they free up larger properties for people who are looking to move their way up the ladder.
Reeds Rains invest millions of pounds every year on marketing and advertising homes for sale. For most addresses we already have a list of buyers registered with us who are currently looking in this area. So, as soon as we have completed the property details, we can email and phone potential buyers with the view to achieve a quick sale.”
When people were asked in the survey to provide reasons for moving, responses people gave included: ‘I need a bungalow rather than a house’, ‘My retirement house is too big’, and ‘my house is too big now the children have left the nest.’
(*) Reeds Rains online survey – 199 respondents September 2015