One in five over-55s wants to downsize

mystic_trev

A study by retirement specialist Key Retirement Solutions found that 19pc of over-55s cannot afford to run their homes, while 4pc are downsizing because they cannot afford their mortgages.

The average homeowner aims to raise £78,000 by moving to a less expensive property. A quarter of respondents planned to use the money to help their children pay for house deposits and other costs.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10025471/One-in-five-over-55s-wants-to-downsize.html

chewmylegoff

Good idea, sell your house to someone else's child for a ludicrous amount so you can raise enough money to fund your own child's purchase of a ludicrously priced house. Makes perfect sense to me.

neverdespairgirl

I'm struggling to find much news in the idea of people moving from large family houses to smaller ones when their children have left home.

Thrugelmir

neverdespairgirl wrote: »

I'm struggling to find much news in the idea of people moving from large family houses to smaller ones when their children have left home.

For many people property has become their pension pot. Pensions will be the next crisis. As the post war baby boomers hit retirement. Peaking soon.

Nikkster

Do Key Retirement Homes facilitate the process of releasing all of this locked up equity by any chance?

nearlyrich

I am almost 55 (nearer 55 than 45 anyway) I have two grown up children who are perfectly able to fund their own life just like I had to in the early 80's. I plan to live in my 4 bedroomed house till they carry me out in a box but if I chose to sell it and downsize I will spend the money on cruises and shoes.

[Deleted User]

we downsized at 52 2 years ago and have never looked back

Maz

Have to report that I'm not one of the one in five. I've downsized to a three bed, two reception plus conservatory and I find it's JUST enough space for me to feel comfortable. I have looked at smaller properties in the past and to be honest, I'd go stir crazy in some of them, particularly new builds with their miniscule proportioned rooms and lack of storage space for all my carp.

mystic_trev

woodbine wrote: »

we downsized at 52 2 years ago and have never looked back

I downsized before I was 50. I used to live in a large house by myself, and apart from anything else,it was a right pain in the butt maintaining it. I had better things to do than forever getting trades people around to sort out the constant list of things that needed maintaining. I'm much happier now living in a three bedroom semi, and (of course) it's a lot cheaper!

Generali

There is a certain irony here (not sure irony is the right word).

People having the majority of their housing costs paid by the state don't want to move and have some very vocal supporters yet a lot of people that do pay their own housing costs want to move.

sheffield_lad

If we built more bungalows for an ageing population folk might actually move instead of thinking about moving.