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Scottish homemover market being driven by downsizers

Recent research from Bank of Scotland has found that downsizing is now the main reason for people selling homes in Scotland, with a wider cross-section of people considering it as an option.

The research found that around 44% of potential homemovers in Scotland plan to downsize over the next three years. In comparison, only around 23% are looking to trade up to a bigger property.

A fifth of those considering downsizing are looking to trade down earlier than expected, with the majority citing financial concerns as the key driver.

Whilst older homeowners in Scotland are still playing a key role in the downsizing market, the research highlights that homeowners of different ages are now considering it as an option. Unsurprisingly two thirds  of potential downsizers are over-55s but over one in four are aged between 46 and 55 and over 5% are aged between 36 and 45.