Antony Gibson of Romans on how golden oldies keep the property market moving
PUBLISHED: 12:55 04 July 2014 | UPDATED: 12:55 04 July 2014
The recession put a halt to a lot of downsizing across the UK but now the tables have turned and those opting fir smaller homes could be moving the property market forward says Antony Gibson, Director of Residential Sales at Romans
Two million people aged 70-79 plan to downsize in the next four years, which will free up some of the £1 trillion in equity owned by the over 65s. In fact, on average each seller will have made £85,000 on their property, according to the latest research from Prudential.
“We’re noticing a lot more interest from customers in our area keen to sell their larger homes in order to free up equity and buy one or two smaller properties,” says Antony Gibson, Director of Residential Sales at Romans.
“This in turn is bringing sought-after properties onto the market, perfect for those looking to move up the property ladder into their dream family home.”
Downsizers realise that now is a good time to sell as property is in demand, house prices have risen and competition is strong between buyers.
“We’re working hard to help downsizers not only sell their house for the best price but also find their next home, or invest in several properties” adds Antony.
“We make sure our customers are the first to know about new houses coming onto the market, if their ideal property isn’t available yet we help them find rental accommodation, putting them in the perfect position to quickly make an offer when the time is right.”
Changes in lifestyles are often the main reasons people decide to downsize; children may have moved out freeing up unneeded space in the house, financially the equity is useful to support children or grandchildren, or invest in more property. Many downsizers also look for a home with less maintenance and new homes are becoming more and more popular for this reason.
Tim Foreman, New Homes Manager at Romans says: “With a 10 year warranty, the latest specifications and modern appliances a new home is very attractive to downsizers. Many of our customers prefer to spend time with their family and pursuing hobbies rather than house maintenance, so a new home offers them the perfect solution.”
To find out more about successfully selling your home and downsizing contact your local branch or visit: romans.co.uk.