Thinking of downsizing?
Downsizing to a smaller home can be an opportunity for those looking to save money, expand their property portfolio or enjoy the equity freed from their home sale. The average price difference between a 3+ bed house and a 2-bed flat in the UK is £161,728.
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.
All UK regions, with just one exception have a price difference between a 3+ bed house and a 2-bed flat of over £100,000.
Those with significant housing equity are often able to downsize to a property with less maintenance and enjoy a better lifestyle. The cash released could be used for numerous purposes, such as to help children and grandchildren onto the property ladder, or possibly reinvest the cash in to another property as a Buy to Let.
If you'd like to have a free chat about how downsizing could benefit you, get in touch with the consultants at Lyss Homes.
Source: Dataloft, Land Registry (12 months to end of December)
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