Translate this site

enzh-CNzh-TW

Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.
1 minute reading time (279 words)

Millions Plan to Downsize Later in Life

New research from Prudential has revealed that over 3.9 million over-55s plan to downsize to a cheaper property later in life, and convenience is the main motivator for this move, not the releasing of equity.
 
The UK-wide study found nearly half (47%) of over-55 homeowners planning to sell and move to cheaper homes in later life. On average they expect to raise around £112,000 in equity by downsizing, with 11% expecting to make more than £200,000.
 
However, it is not all about the money – the main reason for downsizing is the convenience of running a smaller home in retirement. Nearly three-quarters (74%) rated convenience as their main reason for downsizing compared with just 28% who said they were doing so mainly to release cash for retirement. Meanwhile, just over one in three (34%) said having a smaller garden was a major motivation. 
 
When it comes to possible reasons for choosing not to downsize, a lack of suitable available housing appears to be the main deterrent, with 38% saying this is why downsizing isn’t more popular. Around 24% blamed the cost of moving in terms of stamp duty, solicitors and estate agents, and 17% say high house prices put people off.
 
On a more local level, those living in Northern Ireland (63%) and the East of England (60%) are apparently the most likely to downsize their property. Those living in London (41%), Scotland (45%) and the West Midlands (45%) are the least likely to sell up and move somewhere smaller.
 

Contact Us

If you are looking to downsize to a smaller property then contact our specialist property lawyers for expert advice and guidance today.
Cross-Border Disputes Post-Brexit
Supporting Male Victims of Domestic Violence

Related Posts

Online Enquiry

  1. Name(*)
    Please let us know your name.
  2. Email(*)
    Please let us know your email address.
  3. Daytime Tel. No.
    Please enter your daytime telephone number.
  4. Subject(*)
    Please write a subject for your message.
  1. Message(*)
    Please let us know your message.
  2. Please tick below for antispam verification (*)
    Invalid Input

Latest News

14 June 2018
Estate Agency
Plans by landlords to sell their properties could lead to a sharp increase in the number of homes suitable for first-time buyers coming onto the market. ...
28 May 2018
Estate Agency
The number of remortgages taken out by homeowners in Scotland reached 8,700 in the first quarter of this year, which is a 6.1% increase over the same period last year, new figures from UK Finance have revealed. The £1.07bn of remortgaging in the firs...
18 May 2018
Family Law
On 17th May the UK’s Supreme Court heard the case of Owens v Owens, a contested divorce case that has been brought to the Supreme Court on appeal from the Court of Appeal of England and Wales. ...
08 May 2018
Commercial
Many small firms are being put at risk by the poor payments practices that exist within public sector supply chains. ...
18 April 2018
Family Law
The European Court of Human Rights has recently given its ruling in an interesting case concerning a man’s right to contest the paternity of a child. ...
15 April 2018
Commercial
New figures released by UK Finance have revealed a 5% increase in invoice finance and asset-based lending in 2017, taking the total to £23.4 billion at the end of the year. The number of clients using this form of business funding remained stable at ...

As featured in

Latest Tweets

Connect with us

     

Recent Client Comments