Downsizing is now a major reason for moving house CASH-SAVVY home hunters are choosing to downsize earlier than expected to help with household bills and raise windfall money.
According to a new report, age is becoming less relevant as one in five people are downsizing in their earlier years. The study by Lloyds TSB reveals 59 per cent of people want to move to a smaller property better suited to their circumstances.
A third would be looking to reduce their bills and one in three wanted to downsize to support their retirementplans. Developer Linden Homes currently has a range of new homes that fit perfectly into the ‘downsizing’ bracket across its locations across Hull, East Riding, York, Leeds and North East Lincolnshire.
Linden Homes sales director Steve Woomble said: “Our extensive portfolio of new homes in carefully selected locations offer some fantastic opportunities for people looking to downsize. “These can range from our wonderful coach houses, with very low maintenance outdoor spaces, to three and even four beds that tick all the boxes whilst still offering enough space for the family to visit.” And for those with an existing property to sell, there is the popular part exchange scheme.
Linden Homes will obtain two independent valuations on your existing property from local agents on your behalf. Providing you and your existing property meet certain criteria, Linden Homes will then make you an offer for your existing property, based on the valuation reports by the local estate agents, leaving you free to reserve your new dream home.
Meanwhile, the government-backed New Buy scheme is also available to new and existing homeowners. Just a five per cent deposit will secure an apartment or home up to £500,000 – with Linden Homes working in partnership with major High Street lenders to secure a 95 per cent fixed rate mortgage.
Other findings of the Lloyds TSB survey include:
- A fifth of those considering downsizing are looking to trade down earlier than expected, with financial concerns as the main reason.
- Almost half of homeowners living in their second home are considering downsizing.
- Some 63 per cent of potential downsizers are aged over 55, and more than a quarter between 46-55. Over five per cent are aged between 36-45.
- 36 per cent of people who make aprofit when they sell their home plan to invest that money into a new property.
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