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