Half of sellers looking to downsize
Around a half of all Brits who move house within the next three years will do so in order to downsize, express.co.uk has claimed.
With the property market now being reported to have turned a corner, many of those who were stuck with a property that would struggle to sell, now find themselves in a much more habitable market. As such, many expect a raft of properties to hit the sales sector within the coming years.
Now, research undertaken by Lloyds bank has gone one step further, finding out just what those movers would be looking for in their next property - with something smaller proving to be surprisingly popular.
The bank found that just under half of all householders who are thinking of moving before the end of 2016 would do so in order to downsize. When looking at the figures it's easy to see why, with the average 'downsizer' managing to eke £97,722 out of their property assets. In London - as is customary - the figures are higher still, with the average standing at £272,000.
Lloyds also found that, contrary to historic perception, it's not only the older generation looking to downsize. In fact, a quarter of those giving it some thought are aged between 26 and 35. This has brought the average downsizer age to just 40.
"There is no question that downsizers have a key role to play in the housing market," mortgages director at Lloyds bank, Marc Page told independent.co.uk, "especially in a climate where it's not just those looking to retire who want to free up equity by moving somewhere smaller.
"Many families view downsizing as a sensible way to lower their bills, help out their children or free up funds for retirement."