Happy Customers

"We wanted to up-size to make room for our growing family, but needed to sell our flat first and National Homebuyers enabled us to do this quickly. They simplified the whole process of selling and enabled us to purchase our dream property! Downsizing Dominates And Slows Down The Property Market"

Mr & Mrs H, Space

"After inheriting a property from my late Mother, I approached National Homebuyers. I had been caring for my Mother for a number of years and the thought of selling the property using an Estate Agent was a hassle that I did not feel able to cope with. The sale of the property was a difficult […]"

Mrs J, Lydney, Gloucestershire

Downsizing Dominates And Slows Down The Property Market

Recent research shows that it is not just the older generation who are looking to downsize and live mortgage free, and this is having a detrimental effect on the UK property market…

Traditionally, those looking to downsize are people in their late 50s or 60s who are nearing retirement age and are looking to supplement their pension by freeing up the cash locked in their property and pay off their mortgage to significantly reduce their outgoings. However, recent research carried out by Lloyds TSB suggests that it is not just the older generation of homeowners who are currently downsizing to live mortgage free.

According to a recent Lloyds TSB report 59% of people want to trade in their property and move to a smaller one, and one fifth of those are downsizing early, with financial reasons being their primary concern. The cost of mortgage repayments remain very high and the extra costs of remortgaging means it isn’t always worthwhile finding better mortgage rates. The ever-increasing cost of living in the current economic climate is a cause of stress and worry for a lot of homeowners, with fuel prices always increasing and the weekly shop costing more each time, many families are feeling the pinch and moving to smaller home is one way to significantly decrease the household outgoings.

Research by Rightmove last year found that 40% of people who were planning to sell in 2012 were driven by a desire to downsize. However, the same research shows that only 25% of people selling are looking to move up the property ladder. A healthy property market is dependent on buyers with the ability to trade up; this is being prevented due to restrictions on mortgage lending and the increase in mortgage interest rates. Homeowners are not able to secure the funding to buy a larger home and in a lot of cases they are struggling to afford the home they have.

Those homeowners who are downsizing for financial reasons will have to significantly reduce their asking prices in order to achieve a sale, as the few buyers who are up sizing will drive the market and fierce completion will drive prices down. Those who are not in a hurry to sell may be able to command a higher price for their property, but it will mean sitting on the market for a lengthy period of time. Market analysts suggest that the property market is set to remain slow for the foreseeable future, until the banks loosen their lending restrictions and more homeowners are able to upsize. Until that point downsizers, who are dominating the property market, will struggle to sell on the open market and may need to consider alternative routes, such as National Homebuyers, to sell their property.

National Homebuyers – We Buy Any House

National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat, bungalow or park home we will buy it!

If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.

Get your no obligation cash offer now by using the Get Offer on the right-hand side of this page and take the hassle out of selling your home!

Homebuyer Man is the public face of National Homebuyers’ expert property team, keeping up to date with all the latest industry news, property trends and market information.

Homebuyer Man’s experience in the property market is unmatched, providing expert information and exclusive insight on all things property, whether that be mortgage advice or drilling down into the best times to buy and sell in different areas across the UK. With more than 15 years’ experience, there isn’t much Homebuyer Man doesn’t know when it comes to the property market.

I’m a regular face on some of the country’s most popular TV channels including ITV, E4 and Nickelodeon.

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