More homeowners considering downsizing

More homeowners considering downsizing

Estate agents have reported an increase in the number of homeowners who are showing interest in downsizing.

A report from Key Partnerships shows 44 per cent of estate agents have seen a sharp rise in older homeowners looking to relocate to a smaller property.

However, 62 per cent of estate agents reported potential downsizers have wrong expectations about how much funds they will be able to release by moving.

In particular, estate agents have raised concerns that there is a shortage of suitable properties for downsizers on the market. 

 “When downsizing works it can be an ideal solution for older homeowners but sellers need to be realistic about how much they are going to make and it appears many are struggling to find suitable homes,’ said Will Hale, director at Key Partnerships.

“The shortage of homes for sale is pushing up prices for downsizers who may struggle to raise the sort of money they are expecting to help with retirement planning while also having to go through the upheaval of moving home,” he explained.

He added: “Estate agents who can offer equity release as a potential alternative are able to benefit from an additional revenue stream by referring potential clients to a specialist.”ADNFCR-1222-ID-801838933-ADNFCR

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