Looking to downsize? You’re not alone and Linden Homes can help

A new study reveals that 4.7 million homeowners are looking to downsize over the next five years – with many estimated to spend more than they anticipate on their new home.

The report also suggests that over the past five years, around 3.2 million homeowners in the UK have moved to a smaller home – and of that number, two thirds were aged over 55.

Location, overall condition of the home and size of the property ranked highly among downsizers, with almost half (43 per cent) of those questioned saying they spent more money on the move because of an unwillingness to compromise on their priorities.

And with Linden Homes’ extensive portfolio of new homes across the region – home hunters looking to downsize in Peterborough, Cambridgeshire, Lincolnshire and Leicestershire can have the pick of a perfect property crop!

Linden Homes sales director Steve Garton said: “Our extensive portfolio of new homes in carefully selected locations offer some fantastic opportunities for people looking to downsize.

“These can range from our wonderful coach houses, with very low maintenance outdoor spaces, to three and even four beds that tick all the boxes whilst still offering enough space for the family to visit.

“And for those who have an existing property to sell, our popular part exchange scheme can take the hassle out of moving to a new dream home.”

Other findings of the report (carried out by Investec Wealth & Investment) show:

When looking to downsize, four in 10 said their existing home was too expensive to run, while one in five moved to help pay for retirement.

Only three per cent were using the proceeds to help pay towards homes for their children and grandchildren – compared to the 10 per cent of future downsizers. 

Just under 14 per cent of downsizers came under budget when moving. 

Around four in 10 ended up spending more than they initially planned in order to secured the home of their dreams. 

Main reasons for downsizing were; location (20 per cent); overall condition of property (15 per cent); size of property (11 per cent); fell in love with the home (nine per cent); size of garden (seven per cent); lack of choice on the market (five per cent).

For more information, visit lindenhomes.co.uk.