According to new research, a third of people moving house in the current market are downsizing. However, the increase in interest and mortgage rates were not the main driver behind the decision to move a smaller house.
Quickmove Properties surveyed around 7,000 UK home sellers on how the size of their home changed during their latest move. While half of the people surveyed were moving to a bigger home, a third chose to downsize to a smaller residence.
The survey asked what the home movers’ reasons were for downsizing. The primary reason that people gave for downsizing was an empty nest. Either because their children had grown up and left home, or they had suffered a bereavement.
Other popular reasons for downsizing were reduced mobility due to age or health reasons, and wanting a home that is easier to maintain.
While aiming to reduce mortgage debt was only fifth on the reasons people are downsizing, the survey found that 40% of those downsizing had actually reduced their mortgage payments by 50% or more.
| How Can We Help You Downsize?
At Levi Solicitors, we have helped thousands of people move to a smaller home. Your conveyancing will be dealt with by a named team, so you will always know who to contact if you have a query.
We understand that downsizing can be an emotional experience, especially after a long period of time in the bigger house. Our conveyancing teams will work hard to take the stress out of your house move where possible. One client said:
“My first house move after 51 years. Found the experience very harrowing… The person who took care of my case, Chanelle Rushforth, was most helpful.”