Many UK home owners are currently downsizing, with the trend set to continue over the next few years, property experts claim.
According the latest Housing Futures survey from property consultants Strutt & Parker, some 52% of home owners between the age of 70 and 79 consider the need for a smaller home to be a key factor for moving in the next few years.
In the 60 to 69 age group it is a similar story, with 39% of homeowners thinking about downsizing and 22% of 50 to 59 year olds thinking of scaling down their property.
“There is no doubt that downsizing is a consistent trend. Some 72% of the people we surveyed are planning on moving in the next five years,” said Stephanie McMahon head of research at Strutt & Parker.
A home which cost just £1 nine months ago, would now go back on the market with an asking price of around £70,000.
Dubbed Britain’s cheapest home, Lawrence Poxton and his wife Teresa bought the terraced property in Stoke-on-Trent for just £1 after the council put 33 heavily reduced properties on the market in an innovative attempt to clean up the area.
The bus driver, 48, and his wife were picked from thousands of applicants in November of last year to be the first couple to purchase one of the reduced houses.
Since then, the couple have transformed the boarded-up two-bed mid terrace into a modern home – with a spacious bathroom, roomy kitchen and plush carpets.
Located in one of London’s most desirable areas, this home appears to have everything a first-time buyer might want, it’s bright, clean and modern, and what’s more it’s on the market for just £125,000.
It is less than half a mile away from Fulham Broadway Tube, close to the swanky restaurants of the Fulham Road and sits in an area where the average house price is more than £700,000.
So, what’s the catch? Well, it’s tiny, not just small, tiny. Read more…
Forget historic flats and ancient castles – a detached house is the property most people cite as their dream home, according to a new survey.
In a recent survey by Ocean Finance, nearly one in five (19.3%) said that the type of home they would most like to own one day is a detached house.
12.9% dream of living in a bungalow, whilst 6.5% wish to reside in a flat or apartment with just 6.1% of respondents saying they dream of living in their own castle or historic mansion.
19% of new build homes built since April 2013 were purchased using the Help to Buy equity loan scheme, according to a new report.
Countrywide’s quarterly housing market review also highlighted significant regional variations, 49% of new homes built in Newcastle in the past 9 months purchased using the equity loan, compared to 9% in London.
The Government should abandon its Help to Buy mortgage support scheme in London says one of the housing markets leading players.
Nigel Wilson, the chief executive of Legal & General, believes that the scheme risks stoking a price bubble which will put homes out of reach for everyone except the most affluent.
Wilson, speaking to The Telegraph, argued that house prices in London and surrounding areas have reached “absurd” levels and that Help to Buy has pushed up demand at a time when the supply of affordable homes remains a problem.