New research from Bank of Scotland has revealed that 43% of parents intend to remain in the family home after their children have ‘flown the nest’, instead of downsizing to a smaller, more manageable property.
Many parents are making the most of this new chapter in life, with almost two-thirds (60%) admitting that they are enjoying the newly found space and taking joy in rediscovering their independence.
The report also found that for those wanting to downsize (45%), one of the main drivers was to reduce bills, with almost half (48%) saying that they want to downsize to reduce their monthly outgoings and 16% say that they can no longer afford to live in a bigger home.
Typically, downsizers said that they are looking to move to a more manageable flat (36%) or a bungalow (28%). The majority (70%) also expect to make money from downsizing and plan to invest the additional capital. When downsizing from a detached three bedroom home to a flat or bungalow, downsizers could receive £67,211 on average.
“It’s great to see so many of our Empty Nesters embracing this change, and making the most of their new found freedom,” commented Graham Blair, Bank of Scotland mortgage director. “This shows a generational shift, as this was often perceived to be an upsetting time for parents.”
“It is also encouraging to see a significant number of homeowners looking to downsize and invest for their future; movement at this end of the ladder is crucial to keep the housing market healthy,” he added.
Contact our Conveyancing Solicitors Glasgow, Scotland
For many people, buying and selling property can be a very stressful experience. In the current climate, it is important to ensure you have excellent advice so that you get the best deal. Contact our specialist property lawyers today to find out how we can help you with your property needs.