Those who have been stationed for more than a decade most likely to want to downsize
San Francisco, CA -- (SBWIRE) -- 10/15/2012 -- Nearly half of the potential home movers in Scotland want to downsize in the next three years and less than a quarter of owners want a larger property. This, according to a survey done by Bank of Scotland.
Out of all those considering a move, nearly 20% are looking to trade down rather than look to move upward and onward. Many cite financial concerns as the main driver for the reduction in property. Reducing bills and freeing up equity, as well as boosting retirement plans are also reasons cited during these tough economic times.
The head of mortgages Laurence Mann stated that, “Downsizers are now playing a key role in the Scottish housing market and as the study shows, we are starting to see homeowners on different stages of the property ladder considering it as a sensible option as more and more families are looking at ways to save money."
Many owners approaching retirement consider downsizing more manageable due to the lightened load of financial responsibility.
Of those surveyed, 44% want to downsize in the next three years. A mere 23% want to move to a larger property.
Around 66% want a property better suited for their circumstances, while a third would want a smaller hope to reduce bills. Nearly one third (32%) want to make room for equity payments, and another third want to downsize in order to support their retirement plans.
A whopping 65% of movers considering the downsizing option are leaving homes they have dealt with over a decade. A quarter of movers have been in their home at least a half-decade.
The Bank of Scotland noted the windfall associated with detached property to demi-detached property has risen to levels above two-thirds.
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