Downsizing Dilemma
The latest research* suggests that over 1.4 million over-65s will consider downsizing in the next five years with 1 in 10 of these doing so in order to raise funds in retirement – at an average of £62,000. But for many either the finances don’t add up or there are not enough suitable homes available. We are frequently asked to help retirees with their downsizing plans and understand the issues involved.
However, if you currently own a family house and expect to move to somewhere “more practical” once the children have grown up, you might need to reconsider your plans.
The current demographic shift to a low mortality/low fertility society is creating a new generation of future homeowner. As the population is living longer, people are lingering longer in their various life stages before moving on.
One of the predictions is that by 2026, almost 80 per cent of the adult population will be ‘adkids’ - an amalgamation of adults and kids, who are quite happy to rely on mum and dad for longer, primarily as a result of higher housing and living costs. This, in turn, leads to an increase in the age at which these people leave home, get married, and have their first child, with a knock-on effect on future generations.
Couples feel more comfortable starting a family once they have the “security” of their own roof over their heads and are having to work longer to save for a deposit before doing so.
It is predicted that parents will spend less time being ‘empty nesters’ and more time in the ‘sandwich’ generation, where they experience simultaneous demands from both their elderly parents (who are living longer), and the ‘adkids’ who haven’t yet left home.
So if you have teenagers and are pushed for space, don’t bank on them moving out in the foreseeable future. And if you are currently buying a property, perhaps you should consider purchasing something bigger than you currently need in order to provide enough space, for your extended family!
If so, do let us know and we’ll make it as painless as possible!
Peter Ryder
Managing Director
Thorntons Property
News Index
- November 2024
- 11 Moving Distance
- October 2024
- 14 Property Improvements
- July 2024
- 29 Courteous Buyer1 Local staff, Local knowledge.
- June 2024
- 3 A feeling of space.
- May 2024
- 13 Location Location
- April 2024
- 22 A Feeling of Space
- March 2024
- 25 Buying on Instinct3 Thorntons raise £43,500 for Cash for Kids.
- January 2024
- 6 2024 - The Year Ahead
- November 2023
- 20 “This year - Don’t wait till Spring!”7 Making Moving Easier
- October 2023
- 11 LEADING RESIDENTIAL PROPERTY EXPERT WELCOMES ‘HEALTHIER’ MARKETPLACE
- September 2023
- 25 Selling Tips for Autumn
- August 2023
- 28 Location Location
- July 2023
- 17 Optimising Your Saleability
- June 2023
- 12 Seven Days
- May 2023
- 15 The Power of Information
- April 2023
- 4 GOLFERS’ PARADISE
- March 2023
- 6 Top tips for viewing properties like a pro
- February 2023
- 20 £37,500 raised for charity
- January 2023
- 17 Getting ready to buy a home in 2023. 9 Home
- December 2022
- 16 Additional Dwellings Supplement
- November 2022
- 21 2023 Property Market Predictions
- September 2022
- 27 Quick Tips to Maximise your Sale”
- August 2022
- 22 Charity Wills at Thorntons Solicitors8 A Question of Preference
- July 2022
- 30 How Many Should We See4 Plans for a Successful Sale
- June 2022
- 6 "The Kitchen is the Heart of the Home”
- May 2022
- 23 Making Moving Easier9 Property Market Update
- April 2022
- 11 Should we accept the offer
- March 2022
- 7 Quick Tips to Maximise your Sale.
- February 2022
- 17 Thorntons donate £46K to Cash for Kids.
- January 2022
- 24 Valuation Versus Value6 Thorntons Estate Agents Continue to Progress
- November 2021
- 10 First Impressions
- October 2021
- 18 The importance of using a professional photographer
- September 2021
- 13 Virtual Tours
- August 2021
- 30 Why Compromise16 Dundee Property Prices2 Property Market Booming in Angus
- July 2021
- 6 Maximise Sale Prospects
- June 2021
- 11 Client Protection
- May 2021
- 31 Tips for Property5 Improving your property for sale.
- April 2021
- 5 Charity Wills Campaign
- March 2021
- 22 The Friday Move. 11 Affordability
- February 2021
- 15 Property expert believes sales are only restricted by the number of homes coming to market8 February Market Comment
- January 2021
- 25 Moving before Retirement18 The Independent Choice8 January Market Report
- December 2020
- 23 Starting the New Year with thousands of prospective buyers
- November 2020
- 9 Property Improvements
- October 2020
- 9 October Market Comment
- September 2020
- 14 September Market Comment
- August 2020
- 23 Property Market Update7 Property market boom set to last three to six months
- June 2020
- 21 Market Comment
- April 2020
- 27 Property Market Update8 Coronavirus (Scotland) Act 2020 - Impact on the private rented sector
- February 2020
- 24 Leap Year10 February Market Comment3 Social Media Marketing
- January 2020
- 27 Downsizing Dilemma8 A New Dawn6 Is A “For Sale” Board Really Necessary?”
- December 2019
- 13 Election Result, What it means for property9 December Market Update
- November 2019
- 18 November Market Comment4 “Timing Your Sale for the Market”
- October 2019
- 21 Lighting Up14 October Market Comment
- September 2019
- 23 September Market Comment9 Showing Buyers Your Property
- August 2019
- 27 “What About The Children?” 12 Is it worth extending?
- July 2019
- 29 Courteous Buyer15 Alarming News!1 Local staff, local knowledge
- June 2019
- 3 “A Feeling of Space”
- May 2019
- 6 Working with Builders
- April 2019
- 27 “What Does Viewing Feedback Really Mean?”15 The Right People1 “Old Money’s Influence”
- March 2019
- 4 Property Market Update
- February 2019
- 21 Thorntons raise £62,000 for Cash for Kids16 Moving Distance5 A Grand Entrance
- January 2019
- 28 “Home”5 2019 - The Year Ahead.
- October 2018
- 3 “Should I, Shouldn’t I?”
- September 2018
- 17 Other Forces11 Act Now for a Xmas Move. 3 Supporting the Fun-Fuelled Club
- August 2018
- 31 Market Comment13 “Plans for a Successful Sale”2 Interest Rate Rise Aug 2018 - Market Comment
- July 2018
- 24 “Ten Branches - Our Secret Weapon”
- June 2018
- 17 “Why Use An Estate Agent At All?”2 The Skilled Agent
- May 2018
- 14 “Waiting in Hope?”
- April 2018
- 16 “Buying an Unmodernised Property”
- March 2018
- 19 “Will the Internet Replace Estate Agents?”
- February 2018
- 5 “Identity Caution When Moving House”
- January 2018
- 22 “How Long Has It Been On The Market?”8 “Valuation Versus Value”
- November 2017
- 13 “Defects And Disputes – Should I Disclose Them?”2 The first interest rate rise in a decade
- October 2017
- 16 “Selling Tips for Autumn”1 “Might Sell, Might Not!”
- September 2017
- 25 “Prepare to Paint”16 “Ask the Expert!”
- July 2017
- 31 “Working from Home”24 “Something to Shout About”
- June 2017
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- May 2017
- 22 “Deciding on Price” (Part Two)10 “Deciding On Price” (Part One)
- April 2017
- 24 “Advertising for Results” 11 “Put your back into it”1 “Who’s Choosing Your Home?”
- March 2017
- 20 “Hit The Road”13 “Catch 22 –Should I Sell First or Buy?”6 “Working In Partnership with your Estate Agent”
- February 2017
- 27 FEB REPORT - “Slow Growth with Strong Demand”20 “Why Overpricing May Leave You Out Of Pocket”13 “Cupid the Estate Agent?”7 “How Long Has It Been On The Market?”
- January 2017
- 29 Market report – January 20178 “How Many Should We See?”
- December 2016
- 17 “Should Your House Have Sold By Now?”5 “Removal Planning”
- November 2016
- 27 “A Winter’s Sale?”21 “Distorted Opinions?”14 “The Advertising Myth”7 “A Move by Christmas?”
- October 2016
- 31 “Finding the Right Property”17 “Relative Values”
- September 2016
- 26 “It’s Not Just About Selling”19 A Proactive Approach Essential5 Avoid Virtual Tours
- August 2016
- 29 How Serious is my Buyer?22 Clutter Costs !15 The Feelgood Factor8 The Agent you Prefer - at the Right Price
- July 2016
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- June 2016
- 17 5 methods for improving your kerb appeal17 Tips for saving for a deposit
- May 2016
- 30 Property perfect move for Natalie
- January 2016
- 29 Thorntons Top after ESPC Mystery Shop
- December 2015
- 22 Increased buyer demand will drive house prices up during 201620 Property solicitor gives local food bank a boost15 Second home levy will boost Dundee property market
- November 2015
- 11 Unique opportunity to buy a stunning new home in an award-winning development in St Andrews
- September 2015
- 16 Tayside property specialists lead the way in boom time
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