Are you thinking of downsizing? We know lots of people who are, of all ages – not just the older generation.
People downsize for all sort’s of reason, for some it’s as simple as their home is now too big. For other’s it is for cheaper bills, especially now there is a cost of living crisis. We have clients downsizing due to divorce and others that simply want to spend more time enjoying life which includes spending time overseas!
Downsizing to a smaller home can be an opportunity for those looking to save money, and enjoy the equity freed from their home sale.
The average price difference between a 3+ bed house and a 2-bed flat in the Northwest is £116,063. However in Bolton-Le-Sands , we’ve recently had a client downsize from a 3 bed home that we sold for £325,000, they bought a 2 bed apartment in Morecambe near the sea front for £175,000. That gave them £150,000 in equity to enjoy life with and the bonus of an easier lifestyle!
The scale of equity released by downsizing is most significant in London and the South East, with an average equity release of £516,436 and £342,291 respectively. Interestingly across the UK, all regions, expect one have a price difference between a 3+ bed house and a 2-bed flat of over £100,000.
So what would you do with the spare cash? Enjoy life? Or could you do as another client is currently doing and gift a deposit to their two children to help them get on the property ladder? Either the way, the choice is yours!
My name is Michelle Gallagher. If you would like to chat about downsizing your home in Lancaster or Morecambe, please get in touch. You can email me at michelle@jdg.co.uk or call me on 01524 843322.
Thanks for reading
Michelle x
