The latest research byRegency Living reveals that downsizers account for almost a quarter of Britain’s current homebuyers and that there are currently two downsizer hotspots that provide them with the best chance of securing a retirement property.
Regency Living’s research reveals that in Britain, an estimated 23.1% of all current homebuyers are looking to purchase a property that has a lower value than their existing home, strongly suggesting that they are actively downsizing and releasing the equity held in their property.
Downsizers account for the largest proportion of buyers in the East of England (29.7%), followed by the South West (29.2%), South East (28.1%), East Midlands (26.1%), and Wales (25.5%).
While downsizers make up a healthy proportion of Britain’s buyers, those of them who are looking to move into a retirement property are facing a tough challenge because just 4.4% of current listings are retirement properties.
SOUTH EAST RULES
Retirement properties account for the largest proportion of for sale stock in the South East where they form 7.7% of the current market, making it Britain’s current downsizer retirement hotspot.
This is followed by the South West (7%), West Midlands (4.7%), East of England (4.6%), and North West (3.3%).
The South East and South West also boast the largest overall number of available retirement properties. In the South East, 5,545 listings make up 28.8% of Britain’s total retirement listings, while the South West, with 3,536, accounts for 18.4%.
SOLD SUBJECT TO CONTRACT
Of the retirement properties currently on Britain’s market, 27.3% are already Sold Subject to Contact (SSTC) with regional demand rising as high as 42.9% in Scotland.
Tim Simmons, Sales and Marketing Director at Regency Living, says: “Downsizers are a significant and influential force within Britain’s housing market and they have a direct influence on the number of homes available to second-steppers which, in turn, impacts the number of homes available to first-timers.
“Downsizing doesn’t only enable people to live in a home more suited to their requirements, but also provides an opportunity for equity release which can free up a large amount of cash which can then be spent on enjoying a comfortable retirement where every moment is lived to its fullest.”
STYLE AND CHARACTER
But he adds: “However, finding an appropriate downsizer home isn’t always easy, especially for those who want to move into a retirement property that can offer the lifestyle they’re looking for alongside the sense of community, security and wellbeing that are so important in our golden years.
“Luckily, park homes provide all of these requirements in abundance, and are often located in the most leading retirement hotspots such as the South East and South West, with each park site providing its own unique style and character, providing easy access to Britain’s beautiful coastlines and countryside.”
