When thinking about the housing market, it is important to remember that there are always two sides (at least) to every transaction.
The changes one household makes might not be the move you are looking to make. However, their move combined with your move might create an opportunity that means everyone can move quickly!
A good example of this comes with downsizing. We know Weymouth, Bournemouth and surrounding areas welcome people of all ages, but there is a lot to like about life for seniors here. We know that many people downsize to live in this area, or that they move to a smaller home here.
If you are a young family or looking to upscale your surroundings, the movements of people downsizing might work well with what you want to achieve.
You want to buy a larger home, people who downsize want to move into a smaller home
You want to sell your current home which is too small for your needs, people who downsize want to move into a smaller property that is perfect for their current needs
Therefore, whether you are downsizing or not, the current trend for downsizing could influence what move is best for you. If you want to know more about your next move, please contact Austin Property Services, and we will be happy to help.
Research shows some people want to downsize
A study by Audley Group indicates a growing number of older homeowners are considering downsizing sooner than they intended to. Admittedly, this research has been carried out by a retirement homes developer, so there is a likely bias to their findings.
The survey of people aged 55 or older found:
34% of respondents wished to live in a better area
29% of respondents wanted to live closer to their family and friends
There is growing demand for retirement property
According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.
The demand for retirement homes is growing. Some 85 per cent of retirement property providers reported higher sales and lettings in October compared with a year ago, according to trade body the Associated Retirement Community Operators.
The same study also provided the following returns:
Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents
25% of respondents said they saw sales and lettings at least 50% higher in this field
Rightmove have seen movement in this manner
While there has been considerable focus on larger homes, Rightmove information suggests bungalows have been in significant demand. Their findings suggest:
The number of properties sold in 2020 was 7% higher than for 2019
There was a shortage of bungalows listed for sale, falling 10% on the 2019 figures
By comparison, the drop for houses was only 3% in this time period
The average asking price for property rose by 4% to £317,583