Downsizing opportunities
In this quick read article, we take a look at the opportunities for downsizers
- Downsizing to a smaller home can be an opportunity for those looking to save money, and enjoy the equity freed from their home sale. The average price difference between a 3+ bed house and a 2-bed flat in the UK is £161,728.
- The scale of equity released by downsizing is most significant in London and the South East, with an average equity release of £516,436 and £342,291 respectively.
- All UK regions, with just one exception have a price difference between a 3+ bed house and a 2-bed flat of over £100,000.
- Those with significant housing equity are often able to downsize to a property with less maintenance and enjoy a better lifestyle. Cash released may be used to help children and grandchildren onto the property ladder.
- Source: Dataloft, Land Registry (12 months to end of December)