UK home owners cashing in & downsizing
New research shows a high percentage of UK properties currently for sale belong to baby boomers who are now ready to downsize in order to realise the equity that has amassed in their property.
Several leading chains of UK property agents report a surplus of family sized homes coming to market as cash strapped families are struggling to afford the lifestyle that have aspired to once the children have flown the nest.
Apparently more than a third of homeowners are selling their existing property and are looking to buy a smaller and cheaper home compared with around a quarter of those looking to buy a larger dwelling – this trend is countrywide excluding the London property market. According to agents within the Capital there are more people looking to trade up than those looking to downsize.
Baby boomers – the generation whose offspring have generally left home and who are close to retirement have seen their savings decimated by the high cost of living but whose property value includes high levels of equity are looking to cash in often to help their children join the UK property ladder.