It’s not unusual to hear people talking about their forever home
A forever home is a property where they’re so happy, they have no intention of ever moving again – and new research released by an online estate agency suggests that most people believe 44 is the average age we buy a house that we consider to be our ‘forever home’.
But, according to the same research, as many as one in three people aged 55+ don’t believe such a thing exists.
Research from Prudential seems to confirm these figures, with their bi-annual Downsizing Index at the end of last year suggesting that 41% of homeowners aged 55+ plan to sell their home in the near future to move to a smaller property.
The biggest motivation for wanting to sell the family home and downsize to a smaller property is a desire to move to a more manageable property.
Another key motivation is the amount of capital that can be unlocked. According to the figures released in the Downsizing Index, the typical amount of cash freed up by downsizing is an impressive £87,600 per household. 48% of those questioned said they were planning to save or invest the released funds, 45% were planning to spend the cash released on big ticket or luxury purchases, such as expensive holidays, and 40% said they were planning to use the funds to boost their pension pots.
Quick Move Now’s Managing Director, Danny Luke, commented:
A generation ago home owners were likely to remain in their large family home until the end of their days, or until ill-health forced them into a nursing home, but changing attitudes towards property ownership in retirement and an increasing variety in property developments aimed specifically at property owners of retirement age have led to an increase in the number of home owners of retirement age looking to downsize to a smaller property, benefit from a reduced amount of property maintenance and cash-in on the equity built up in their property.
The ‘forever home’ is definitely a concept that’s disappearing – increasing geographical mobility, increasingly disbursed families and a sharp change in attitudes to retirement have resulted in an increase in property mobility right throughout retirement.
If you’re keen to downsize and would like a quick, easy, hassle-free sale, Quick Move Now could make you a cash offer for your property and complete the sale in as little as 7 days.