Downsizing 'can be difficult'
www.moneynews.co.uk > Retirement calculator > Downsizing 'can be difficult'
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Downsizing 'can be difficult'
Fri 23rd Sep 2011
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David Wright, managing director at Sixty Plus, said the stress and expense of moving can be greater than Brits realise, as many people have an emotional attachment to their property.
He commented: "It is as much a personal decision as it is a financial one, so it is probably harder [to sell now] because the housing market is so slow and any housing transaction is likely to drag on for longer than it usually does."
According to figures compiled by Investec Wealth & Investment, 4.7 million homeowners are looking to downsize over the next five years, but they could be overestimating the amount of equity they will release by an average of £22,000 each - £103 billion in total.
The study showed that 3.52 million (seven per cent) homeowners have already downsized in the past five years, of whom two-thirds were over 55. On average they were able to raise £98,000 in equity.
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