SALES NEWS: Four out of 10 home owners aged 55+ want to move in the next five years…a big part of Devon’s housing market.
Four out of every 10 home owners over the age of 55 plan to sell and downsize within the next five years, making them the biggest group influencing the UK housing market.
This is a particularly important factor in Devon, where the county council says around 45 per cent of the population is now 55 or above.
The new Prudential Downsizing Index says the average amount of equity freed by downsizing is £87,600 as older owner-occupiers move to smaller properties, typically with no mortgage to pay.
Watch out for them in the queue at the travel agency, because half of over-55s say they are going to splash out on a big-ticket purchase like a long holiday to celebrate their move.