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Mature Homeowners Looking For A Change?

We know life has changed for many people in recent times, and it might be your outlook on retirement or your golden years have changed. If your new plans involve a change of scenery, we are here to help.

One of the things we pride ourselves on at Prestige & Village is we are local housing market specialists in many areas. If you are unsure of your options, or you are looking for advice which helps you make the most informed decision, we can help.

We have a team of fantastic agents in many locations. We also stay in touch with the latest national housing market news. All of which ensures we help you make an informed decision in the property market.

If you are aged 50 or above, and you are considering your options in the housing market, you are not alone. We have spoken with many would-be buyers and vendors, and we know a lot of people are weighing up whether it is the right time to move.

Downsizing is more common right now

Downsizing has become a hot topic for many reasons in recent times. According to a study by a leading insurance company, 12% of people aged 50 or older in the UK plan to relocate.

Areas listed as “retirement migration hotspots” by the Office for National Statistics include:

  • Dorset
  • Shropshire
  • Wiltshire

Cities where the largest number of exits include:

  • London
  • Birmingham
  • Bristol

What matters to you when looking for a home?

A recent study by Legal & General finds that over-50s have been influenced by the lockdown. People in this age group are now planning house moves, with the following reasons being important:

  • Wanting to live somewhere that provides a better quality of life, cited by 7% of respondents
  • A desire to live closer to family and friends was said by 4% of respondents
  • Looking to live abroad was stated by 3% of respondents

Things to consider before location:

  • The equity on your current home, and how it can be best used
  • How future proof will your new home be?
  • How will your living costs be affected by a move?
  • Will it be easy to maintain (or improve) your current lifestyle when you move?

Claire Singleton, CEO, Legal & General Home Finance, comments: “Relocating in retirement was already a well-observed trend, with older people reprioritising their needs as they enter the next stage of their life. As with many aspects of our lives, the challenges of the pandemic seem to have led many people to take stock of their current living situation. There can be many benefits to relocation, whether it is a better quality of life, more space or even the opportunity to be closer to loved ones. One thing that is clear is that many people will also see their decision informed by how their property wealth factors into their long-term financial planning.”

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.

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