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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.

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.
 

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If you are looking to downsize to a smaller property then contact our specialist property lawyers for expert advice and guidance today.
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