Downsizing Dilemma
The latest research* suggests that over 1.4 million over-65s will consider downsizing in the next five years with 1 in 10 of these doing so in order to raise funds in retirement – at an average of £62,000. But for many either the finances don’t add up or there are not enough suitable homes available. We are frequently asked to help retirees with their downsizing plans and understand the issues involved.
However, if you currently own a family house and expect to move to somewhere “more practical” once the children have grown up, you might need to reconsider your plans.
The current demographic shift to a low mortality/low fertility society is creating a new generation of future homeowner. As the population is living longer, people are lingering longer in their various life stages before moving on.
One of the predictions is that by 2026, almost 80 per cent of the adult population will be ‘adkids’ - an amalgamation of adults and kids, who are quite happy to rely on mum and dad for longer, primarily as a result of higher housing and living costs. This, in turn, leads to an increase in the age at which these people leave home, get married, and have their first child, with a knock-on effect on future generations.
Couples feel more comfortable starting a family once they have the “security” of their own roof over their heads and are having to work longer to save for a deposit before doing so.
It is predicted that parents will spend less time being ‘empty nesters’ and more time in the ‘sandwich’ generation, where they experience simultaneous demands from both their elderly parents (who are living longer), and the ‘adkids’ who haven’t yet left home.
So if you have teenagers and are pushed for space, don’t bank on them moving out in the foreseeable future. And if you are currently buying a property, perhaps you should consider purchasing something bigger than you currently need in order to provide enough space, for your extended family!
If so, do let us know and we’ll make it as painless as possible!
Peter Ryder
Managing Director
Thorntons Property
News Index
- November 2024
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- 14 Property Improvements
- July 2024
- 29 Courteous Buyer1 Local staff, Local knowledge.
- June 2024
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- May 2024
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- January 2024
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- November 2023
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- June 2022
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- 7 Quick Tips to Maximise your Sale.
- February 2022
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- January 2022
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- November 2021
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- September 2021
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- August 2021
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- July 2021
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- June 2021
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- May 2021
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- April 2021
- 5 Charity Wills Campaign
- March 2021
- 22 The Friday Move. 11 Affordability
- February 2021
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- January 2021
- 25 Moving before Retirement18 The Independent Choice8 January Market Report
- December 2020
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- November 2020
- 9 Property Improvements
- October 2020
- 9 October Market Comment
- September 2020
- 14 September Market Comment
- August 2020
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- June 2020
- 21 Market Comment
- April 2020
- 27 Property Market Update8 Coronavirus (Scotland) Act 2020 - Impact on the private rented sector
- February 2020
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- December 2019
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- November 2019
- 18 November Market Comment4 “Timing Your Sale for the Market”
- October 2019
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- September 2019
- 23 September Market Comment9 Showing Buyers Your Property
- August 2019
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- July 2019
- 29 Courteous Buyer15 Alarming News!1 Local staff, local knowledge
- June 2019
- 3 “A Feeling of Space”
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- 6 Working with Builders
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- March 2019
- 4 Property Market Update
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- January 2019
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- October 2018
- 3 “Should I, Shouldn’t I?”
- September 2018
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- April 2018
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- March 2018
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- January 2018
- 22 “How Long Has It Been On The Market?”8 “Valuation Versus Value”
- November 2017
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- October 2017
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- December 2016
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- November 2016
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