Manchester Property News
Downsizing? How to spend your equity
Tom Simper
Jul 17, 2023, 10:00 AM
Over 8.1 million owner occupiers in England and Wales now own their homes outright. This constitutes 52% of owner occupiers, rising to over 90% of those aged 65 or more.
Based on sales price data from the Land Registry, downsizing from a 4 or more bedroom home to a 2-bedroom apartment could release, on average, over £250,000. The amount varies by region.
While freeing up under-occupied homes would help ease some of the housing stock issues in the market, downsizers will also reduce their ongoing costs and in many cases would be left with a large pot of equity.
Such equity could be used to launch children onto the housing ladder, to purchase an investment property or a holiday home, take a holiday of a lifetime or boost the pension pot. Independent financial advice should always be sought. Source: #Dataloft, Land Registry, MHCLG, based on sales in last 12 months, ONS, UK Finance.
About The Blog
This Blog looks at what is happening in Manchester, the property market, events and community news along with investment ideas and tips for those loosing to invest in the area.
Tom Simper - Editor
Manchester is one of the fastest growing markets in the country. If you need any assistance buying, selling or letting properties in the area we have over 30 years of experience and local knowledge to help.
T: 0161 441 0563
E: [email protected]
Leave a comment