Downsizing 'popular among wealthy over-50s'Downsizing 'popular among wealthy over-50s'
Downsizing is a popular notion, especially among top-end property owners who are over 50 years old, it has been claimed.
Those who move to a smaller home tend to do so because they are retired or are about to retire and want a house that is more manageable, said Lucian Cook, a spokesman for Savills.
In some cases, wealthier homeowners might buy a second home with a view to moving into that property on a permanent basis at a later stage.
But homeowners who are in possession of cheaper properties often feel they would not release an effective amount of capital if they downsized, said Mr Cook.
"That is why there is quite a big differential between the impact of downsizing in the mainstream markets and prime markets," he added.
Earlier this year, one developer said it had made the downsizing process easier for those who move into the Lindum Point development in Lincoln.
Redrow said it would pay £500 every month for a year to help downsizers manage their mortgage payments.
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