Independent research by Jackson-Stops has found that Kent ranks twice in the top ten leading locations for those able to get the most equity from their downsize.
Latest research from national estate agency Jackson-Stops has mapped out the areas of the country which offer the biggest equity release when downsizing across England and Wales. By moving from a detached home to a demi-detached home, movers could be left with a windfall of £205,157; a figure which has increased by £8,681 since January 2022, and £44,226 since 2020.
Potential downsizers make up 24% of all households aged 55 and over, amounting to 2.9 million homes. With baby boomers being the largest proportion of the UK population, Jackson-Stops has estimated that if all potential downsizers decided to make the move, over £594 billion in equity could be released.
The research looked at which locations provide the biggest price difference proportional to an onward move when going from a detached home with a national average of four bedrooms, to a semi-detached home in the same area, with a national average of three bedrooms.
Nick Leeming, Chairman of Jackson-Stops, says: “Around 36% of UK properties are owned outright, either as cash purchases or having paid off their mortgage over many years, having been lucky enough to capitalise on the house price boom over the past decade and build substantial equity in their homes. This figure has increased by 21% since 2012 and continues to increase each year.
“However, selling this much-loved asset, often a large, detached family home, is often put off until long after the kids have flown the nest. They might now be facing the prospect of heating a large home, or with many rooms completely unused. Downsizing, or rightsizing, can relieve this strain, releasing cash to enjoy life, whilst freeing up housing stock for the next generation of young families to enjoy.”
Jackson-Stops’ own UK branch data shows that the number of downsizer enquiries are now higher than pre-pandemic, having increased by 21% since 2019, a trend agents think will continue as many homeowners choose to sell now in order to maximise the sale price of their home and release more cash as they downsize.
Nick continues, “We find it a common theme amongst our branches that downsizers choose to stay in the area, with family and close ties still very much at play. The home counties and those close to them are the golden circle for all buyer types, keeping house prices hearty in good times and bad.”
We have a selection of Kent properties for sale that would make ideal downsizer homes...
Hosey Hill, Westerham
Hosey Heights offers a rare opportunity to acquire a truly unique detached, two bedroom dwelling in a most sought after, tucked away setting on the fringes of Westerham. On the market with a guide price of £650,000. Find out more.
High Street, Burwash
Tudor Cottage is a charming and most attractive, three bedroom, Grade II listed character cottage on the tree lined High Street of this popular village benefiting from stunning rural views to the rear. On the market with a guide price of £465,000. Find out more.
London Road, Canterbury
An entrancing two bedroom Grade II listed semi-detached house built around 1867 with private garden, parking and located in the sought after St. Dunstan's, close to Canterbury West station and the city centre. There is no onward chain. On the market with a guide price of £475,000. Find out more.
Coach House Mews, Rolvenden
2 Coach House Mews is a striking, two bedroom mews house converted in about 2015 from the former coach houses on the private estate of the prestigious Grade II listed Lutyens designed Great Maytham Hall. On the market with a guide price of £695,000. Find out more.
Main Road, Knockholt
Park Cottage is a charming link-detached character property with southerly facing garden and off-road parking in this popular village. On the market with a guide price of £765,000. Find out more.
If you're considering downsizing in Kent, we'd be delighted to speak with you. Contact your local branch.
