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Homeowners Could Earn £200k ‘By Downsizing’

Moving to a smaller property was the most popular reason for homeowners to move, with freeing up cash for retirement (31 per cent), or releasing equity. Construction workers who regularly use cross lasers as part of their job may find themselves working on smaller properties in the future, after it was revealed more and more people are downsizing to release equity in their home.

Lloyds Bank reported 46 per cent of homemovers intend to buy a smaller flat or house in the next three years. Reducing living costs (39 per cent) among the most common factors cited for downsizing.

Mike Songer, mortgage director with Lloyds Bank, said while we tend to think people want to move up the housing ladder, there is an increasing number of homeowners who wish to relocate to a smaller home.

“Whilst financial gain may not be the main driver for those looking to trade down their property, it is clearly a factor, with three quarters of downsizers expecting to profit from such a move,” he stated.

Indeed, the typical amount gained by moving from a detached to a semi-detached house is £117,230.

Those in London will be able to free up £201,052 on average from their trade, followed by the south-east at £178,904.

This is hardly surprising given that properties are increasing in value at a rapid rate. Halifax recently revealed 28 per cent of local authority districts have experienced house prices rising at a faster rate than the growth in earnings over the past two years.

Indeed, properties in Three Rivers in Hertfordshire have risen by £147,990 during this period, while they went up by £147,068 in Harrow and £132,125 in Hillingdon.
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