Quealy & Co, your local estate agent in Sittingbourne, have discovered that over 8.1 million owner occupiers in England and Wales now own their homes outright. This constitutes 52% of owner occupiers, rising to over 90% of those aged 65 or more.
Based on sales price data from the Land Registry, downsizing from a 4 or more bedroom home to a 2-bedroom apartment could release, on average, over £250,000. The amount varies by region.
While freeing up under-occupied homes would help ease some of the housing stock issues in the market, downsizers will also reduce their ongoing costs and in many cases would be left with a large pot of equity.
Such equity could be used to help children onto the housing ladder, to purchase an investment property or a holiday home, take a holiday of a lifetime or boost the pension pot. Independent financial advice should always be sought.
How much is your property worth?
If you are wondering how much your home in the Sittingbourne, Sheerness, Minster, Faversham, Canterbury, Rainham, Gillingham, Chatham, Rochester or Maidstone area is worth then get in touch with Quealy & Co for a free, no obligation valuation of your home. We can also arrange a free, no obligation appointment with one of our experience mortgage advisors to discuss your equity options.
Try our free, instant online valuation tool here.
Source: #Dataloft, Land Registry, MHCLG, based on sales in last 12 months, ONS, UK Finance
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