Windfall for downsizers
FINANCE: People in Yorkshire and the Humber region looking to downsize their property will receive about 85 per cent more than they would have done a decade ago.
The typical windfalls that people in our region could achieve by downsizing is £84,369 – 84.1 per cent more than ten years ago, according to a study by Lloyds TSB.
This represents the biggest increase of all UK regions.
A third of home- owners who plan to downsize in the near future are doing so in order to cut their household bills, a study has found.
The research found just more than half (51 per cent) of home- owners nationally, who are planning to move house in the next three years, said they plan to downsize, compared with 22 per cent who are looking to trade up to somewhere bigger.
Money worries have strongly influenced people's plans to downsize, with 33 per cent of potential downsizers saying they need to move to reduce their household bills and 37 per cent saying they would like to free up some equity.
Three in ten of those planning to trade down said they were doing so to boost their retirement income.
Households have been squeezed by high living costs at a time when they are also seeing low wage increases and struggling to make real returns on their savings amid low interest rates.
Stephen Noakes, mortgage director for Lloyds TSB, said: "Downsizers are now playing a key role in the housing market and, as the study shows, we are starting to see home-owners on different stages of the property ladder considering it a sensible option as more families are looking at ways to save money."