News article published on: 20th June 2012
For many retired homeowners it is not uncommon for them to downsize to a smaller, more manageable home. However, a recent report by Lloyds TSB makes for interesting reading as it suggests that the reasons for downsizing have broadened to saving money in these tougher economic times.
Twenty-one per cent of those considering downsizing are actually looking to downsize earlier than expected with the majority citing financial concerns as the key driver.
Whilst the report naturally shows that older homeowners are still the key players in the downsizing market, the research highlights that homeowners of different ages are now considering downsizing. Out of those surveyed and who said they would consider downsizing to save money and reduce the cost of living twenty-eight per cent were between the age of 46-55 and five per cent were aged between 36 and 45.
Homeowners at different stages of the property ladder are also looking to downsize to a smaller property over the next three years. Forty-nine per cent of homeowners living in their second home are considering making their third home smaller than the first two as well as sixty-one per cent of homeowners in their third or fourth homes who would consider downsizing.
Emily Lund, solicitor in the property department at Osbornes solicitors comments:
“The shift in mentality to downsizing is really interesting as it shows that many families who would ordinarily not have considered moving to a smaller home, until later on in life and perhaps when the kids had left home are now seeing downsizing as a sensible option to save money and perhaps even raise some capital which they can save and use for ‘a rainy day’”.
If you are in the process of buying or selling your home and are in need of legal representation contact the property department at Osbornes solicitors for a quote and to find out what services we are able to offer you.
Osbornes has undergone a rigorous application and assessment by the national Law Society to become part of CQS initiative, which recognises high quality in residential conveyancing. CQS has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.
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