New build an increasingly popular choice for downsizers
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09/06/2016 - General
Downsizers are increasingly opting for new build homes when searching for a property to move into, according to Bloor Homes.
The housebuilder has witnessed growing demand from retired buyers at its developments across the Southern region, where homeowners can release equity of more than £60,000 by downsizing by just one bedroom.
A recent survey by the International Longevity Centre found that 42 per cent of downsizers in the South East expected to make £100,000 or more by moving to a smaller property - higher than every other region apart from London.
And the average equity released by downsizing by one bedroom in the region is £62,707.
But in the same survey, more people (43 per cent) said that reducing bills was a bigger factor in downsizing than releasing equity (23 per cent).
More than half of people (56 per cent) said that lower maintenance was the most important reason they downsized or would consider doing so.
Kim Willcock, Regional Sales Director at Bloor Homes Southern, said: “Owning a home which is easier to manage, releasing equity to fund a better lifestyle and moving closer to friends and family are all major reasons why people want to downsize.
“But as recent research shows, lower maintenance and reduced bills are even more important factors for people when choosing to move. It’s therefore no surprise that new build homes are proving increasingly popular with downsizers, and this is a trend we are seeing at our developments across the region.
“The research indicates that the ‘esteem factor’ is one barrier to people downsizing, but given Bloor’s reputation for quality, that is not something that should concern buyers at our developments.
“The cost of moving is another barrier cited, but by taking advantage of our Downsizer Assist scheme, buyers can avoid estate agents’ fees and save up to £1,000 in solicitor’s fees and £3,000 in Stamp Duty."