Friday Five – On downsizing

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This week’s #fridayfive presents five key facts about downsizing in later life

  • One in three homeowners aged 55+ (32.6%) are considering or expect to consider downsizing. This figure rises to nearly one in two of all homeowners aged 55+ (48.2%) when factoring in those who have already downsized (15.6%).
  • Lower maintenance was the most important reason people downsized or would consider it (56.0%).
  • Close to a third (29.3%) of those who had downsized or are considering it did or expect to release more than £100,000 in equity.
  • The most prevalent way that people did or will use the equity released from downsizing is to put it into a savings account (35.2% overall) or, for those aged 55-59, to put it towards a pension (34.0%).
  • Nearly 3.5 million older people are interested in downsizing and buying a retirement property.

 

For references see: Generation Stuck: Exploring the Reality of Downsizing in Later Life http://www.ilcuk.org.uk/index.php/publications/publication_details/generation_stuck_exploring_the_reality_of_downsizing_in_later_life

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