1 in 3 People over 55 Considering Downsizing
London, England -- (SBWire) -- 11/02/2015 --Recent research by the bi-annual Prudential Downsizing Index has revealed that in the past five years, one in three people over the age of 55 have considered downsizing. 77% of those thinking about the move are hoping to release equity to help with their futures, while 42% said they would use the extra cash to splash out on a one-off purchase.
Three in five of the downsizing over 55's said the affordability of running a smaller home sounded appealing, where a third said they would do it just because they wanted to raise money. Despite 1 in 3 expressing an interesting in downsizing, less than a quarter of those have actually made the move.
The information provided by Prudential shows that 28% - more than a quarter - are deterred from downsizing because of the total cost of buying, selling and moving. While talking to Fairstone NI, Retirement income expert at Prudential, Vince Smith-Hughes warned "…the amounts of cash released can be lower than expected and the cost of moving house should not be underestimated. Faced with all these decisions, people approaching retirement should seriously consider taking professional financial advice."
More than 2.5 million homes could be released if more people make the move to downsize – according to the Royal Institution of Chartered Surveyors, which would make more family-ready homes available on the market for first-time buyers.
About Home Removals London
Home Removals London, a removals company who've been involved in many downsizing moves understand the pressures of moving. Home Removals London have years of experience and offer professional services for moving house.
A spokesperson for the company said: "Many people are worried about the cost and hassle of downsizing and moving in general. There are generally very few good times to move house with the market constantly fluctuating, however when you are ready to make the move we like to help as much as possible, minimising stress and we can help pack and unpack too."
Home Removals London
Contact Name: Anatoliy Nikolov
Contact Telephone: 07508 508999
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Address: 55 Hazel Way, London, E4 8RP
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Home Removals London
View this press release online at: http://rwire.com/636922