If you read the term downsizing with respect to the property market and think it doesn’t apply to you, you might want to reconsider.
While downsizing property is usually associated with elderly people looking to move to a more manageable property, it also applies to people looking to better manage their finances.
This has been a tough year, and a lot of people are making tough decisions on their home. It might be downsizing is the right choice for many households.
However, even if this doesn’t apply to you, these people moving home might shape your next home.
It might be someone downsizing their current home that places the property you wish to buy onto the market.
It could be that a family downsizing from their current property are the people who want to purchase your home, allowing you to move on.
Research shows some people want to downsize
A study by Audley Group indicates a growing number of older homeowners are considering downsizing sooner than they intended to. Admittedly, this research has been carried out by a retirement homes developer, so there is a likely bias to their findings.
The survey of people aged 55 or older found:
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34% of respondents wished to live in a better area
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29% of respondents wanted to live closer to their family and friends
There is growing demand for retirement property
According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.
The demand for retirement homes is growing. Some 85 per cent of retirement property providers reported higher sales and lettings in October compared with a year ago, according to trade body the Associated Retirement Community Operators.
The same study also provided the following returns:
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Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents
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25% of respondents said they saw sales and lettings at least 50% higher in this field
Rightmove have seen movement in this manner
While there has been considerable focus on larger homes, Rightmove information suggests bungalows have been in significant demand. Their findings suggest:
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The number of properties sold in 2020 was 7% higher than for 2019
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There was a shortage of bungalows listed for sale, falling 10% on the 2019 figures
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By comparison, the drop for houses was only 3% in this time period
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The average asking price for property rose by 4% to £317,583
So, whether you are looking to downsize your property, or you believe other households downsizing will assist you with your next property move, we are here to help you.
If you have any housing market questions or queries, please feel free to contact us. If you plan on selling your home, we recommend arranging a property valuation to ensure you make an informed decision. At Frank Schippers, we are here to support you in this trying time, and you can call us on 01344 777 888.
