Around half of downsizers are planning to move in the next two years if they could find a suitable property says Savills latest analysis.
When downsizers and empty nesters were asked what is preventing them from moving, a lack of suitable stock was the main reason (35%), emotional attachment was a close second (28%), ahead of financial considerations (14%). Almost half (48%) hope to ‘right size’, looking to live in a more manageable sized property, while a quarter (24%) are seeking a lifestyle change.
Releasing equity to fund retirement, or to help family members was a top priority for almost one in five (18%). Around 164,000 first-time buyers are expected to receive family assistance in getting their mortgage in 2023, according to latest estimates from Savills research.