The number of ‘last-time buyers’ who want to downsize their home has increased from 32% to 39% in the past 3 years, research by Legal & General shows.
Quote from Nigel Holland:
“Many seniors have downsizing down as one of their key retirement plans for one reason or another. These include factors like convenience, money and a better standard of living.
There are countless people aged 55 and over who own their own home and want to size down due to having a lot of free space, for example; empty rooms not being used any more. Therefore, not only would downsizing help potential next buyers who need the space, but it would also less of a hassle to run, which is key for those looking to retire as they will want a smooth, stress free running household. This would also assist in saving seniors money which could be put towards retirement, some want to travel, and others would like to pass it down to children and grandchildren.
13% of those surveyed said that if they never downsized then they don’t believe they could afford to retire otherwise.”